The framework was developed in response to the collapse of the cryptocurrency markets in 2022, which caused authorities worldwide to step up their efforts to establish or enforce protections and left businesses and investors worried about the future of cryptocurrencies.
These new regulations involve the authorities seeking necessary permits and licenses in order to provide users with one or more crypto-related services in Dubai. The framework is accompanied by seven activity-based rulebooks that specify standards based on the type of service supplied and four mandatory rulebooks for service providers, which Talal Tabbaa, founder of the regional cryptocurrency exchange CoinMENA, hailed as being “elegantly designed.”
Dubai is one among the seven emirates of the United Arab Emirates with a goal to emerge as a global hub for crypto and blockchain activities, and in order to accomplish this it was courting companies to systemize the jurisdiction even before publishing its strategized rules for the sector.
In the wake of the new rules being published, the institutional crypto custody provider Hex Trust became one of the first to receive an oper
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