The UAE is quickly evolving and becoming a significant crypto-currency center. The trading of crypto-currencies using Emirati currency may soon be possible for residents in the United Arab Emirates. Kraken (One of the largest cryptocurrency exchanges in the world), has partnered with the National Bank of Ras Al Khaimah to allow investors in the UAE to transact in virtual assets using their local bank accounts.
By having a local Emirati bank account and dirhams, residents of the UAE will be able to trade virtual assets. Residents in the Gulf state can use this step to avoid depending on overseas bank accounts and the associated foreign exchange fees.
As the nation has worked to expand the virtual asset industry through laws and reforms, the UAE has drawn some of the greatest digital asset businesses globally, including Binance, the largest cryptocurrency exchange in the world.
Dubai Virtual Asset Regulation
Dubai enacted the Dubai Virtual Asset Regulation Law in March, which aspires to establish an efficient legal framework to safeguard investors, provide a high standard for managing the virtual asset market and promote sustainable business expansion in the emirate.
Dubai established the Virtual Asset Regulatory Authority as a stand-alone organization to control the industry across the emirate, excluding the Dubai International Financial Centre but including special development zones and free zones.
The UAE sees a dramatic transformation as the country’s priorities move from oil to blockchain breakthroughs like crypto-currency. The UAE is now ranked as the third-largest country in the world for cryptocurrency adoption, and it appears that position will climb in the foreseeable future.
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