A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
The joint venture between the university and the Swiss-based blockchain organization will involve the development of an NFT marketplace to showcase collectibles about the UAE’s rich cultural heritage.
The principles issued by the FSRA hint toward innovation in the digital asset sector, and on top of its list is to create a framework aligned with the practices of international financial services.
D2A2 is tasked with promoting the digital asset industry in Dubai, boosting transparency, supporting the interests and growth of digital asset companies, and fostering cross-border cooperation.
The three-stage facilitative model includes establishing clear and comprehensive regulations, pushing for industry self-regulation, and collaborating with international partners.
The rules are targeted at clamping down on money laundering and terrorism financing, according to a statement by the UAE (MOFAIC).
The approval was issued by Dubai’s VARA, a body created in March to regulate the activities of digital currency firms in the region.
The plan is also in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to transform Dubai into a global capital of advanced technologies, primarily AI and Web3.
Four panelists went on stage at the BSV Global Blockchain Convention in Dubai to share their experiences pushing blockchain for government applications and what the future holds for the technology.
Under the memorandum of understanding, Chainalysis' UAE Centre of Excellence will provide a virtual training program in the blockchain field for government employees.
Huobi has obtained a license in Dubai but is yet to secure approval to provide digital asset trading services, in addition to its new license in New Zealand.