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More and more people are talking about cryptocurrency. News about virtual assets appear in the press are discussed by opinion leaders. But the crypt is still something incomprehensible, strange and suspicious for a large number of people. Some countries actively support the development of blockchain technology, legalize virtual assets and fill gaps in knowledge about new financial instruments among their citizens. One of these countries is the UAE, which intends to become one of the leaders in the crypto market.
Cryptocurrency regulation in Dubai and UAE
The government of the emirate has adopted a special law to regulate cryptocurrencies in Dubai. The authorities created a separate supervisory body, whose task was to be responsible for the development and regulation of digital assets, as well as cryptocurrency service providers. The regulatory body is called the Virtual Assets Regulatory Authority. He will work with companies whose activities are related to cryptocurrency, ensure transparency and security of investments in digital assets, monitor the emergence of a new crypt and its launch into circulation, asset trading.
The government of the emirate intends to create comfortable and favorable conditions for the development of cryptocurrency business on its territory, to provide companies with a simple and affordable obtaining of cryptocurrency licenses. According to the law, any crypto exchange planning to operate in Dubai must obtain a license from the regulatory authority. The Binance exchange, the world’s largest platform for investors and traders, was the first to apply for a license.
DMCC Crypto center
Today there is a small group of companies in the world that accept cryptocurrency as payment for their goods and services. However, there are not so many of them to popularize digital assets truly among the masses.
Dubai plans to change the situation, which is why the DMCC crypto center has appeared in the emirate. In collaboration with the Securities and Commodities Administration, the center provides businesses with a wide range of services to help them develop blockchain and popularize cryptocurrency quickly and successfully.
DMCC is a free zone, a world leader in commodity trading and entrepreneurship. The center is creating an ecosystem for companies operating in the cryptocurrency sector, actively using the blockchain today. The cryptocenter has created a progressive regulatory framework to regulate the work of such organizations together with the government of the emirate.
The adopted regulatory and legal framework facilitates the work of the business, while protecting the rights of customers, ensures the reliability and transparency of operations.
The support of the government and the interest of big business in the development of cryptocurrency and related technologies will lead to Dubai becoming one of the world’s leading leaders in the number of blockchain companies and the comfort for their activities. The DMCC Crypto center plans to expand the list of services significantly, among which will be the creation of incubators and investment tools for startups, the organization of training courses on blockchain for business, and consultations for representatives of companies wishing to join the ecosystem.
Is it necessary to travel to Dubai to make money with crypto?
You can also earn on cryptocurrency in Ukraine successfully, it is not necessary to move to Dubai. Our country has already adopted a law legalizing virtual assets. This means that the cryptocurrency is coming out of the shadows and over time will become a familiar and official financial instrument for our society.
You can invest directly in cryptocurrency or buy shares of crypto-currency funds, trade on exchanges, receive passive income either from crypto-lending or staking in Ukraine. There are many ways to earn money, and many of them are suitable even for beginners.
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