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Author Topic: UAE Bank will not Ban Bitcoin Usage  (Read 1908 times)
vatuae
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January 19, 2018, 05:08:16 AM
 #21

The UAE is launched VAT1st Jan 2018. After VAT  in UAE the bitcoin is illegal and the In part two we will consider the case for regulating bitcoin and cryptocurrencies and in part three we will consider legal issues. The Bitcoin and blockchain appear to be on the radar of the UAE Government and the Central Bank of UAE.

https://www.thevatuae.com
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vasiliy_pupkin
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January 19, 2018, 05:28:40 AM
 #22

UAE - center of economy. They will develop the bitcoin and will be ahead of the rest in this regard.
Tharel
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January 19, 2018, 09:25:59 AM
 #23

If that's the case, the legality of bitcoin in UAE will even boost their economy making them one of the richest country in the world. Good news indeed!

Viscera
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January 19, 2018, 07:26:44 PM
 #24

If that's the case, the legality of bitcoin in UAE will even boost their economy making them one of the richest country in the world. Good news indeed!
Yes you're right they are aiming to be one of the cashless society in the whole world but I guess they should create crypto currency which represent their country.

       
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cryptoeng
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January 19, 2018, 07:48:31 PM
 #25

The Central Bank of UAE announced earlier this morning that it will not ban bitcoin as a currency.

Read more here: https://darknetmarkets.co/the-central-bank-of-uae-is-refusing-to-ban-bitcoin/


the UAE is always adapting new technology, They are having a lot of conferences for ICO's and Bitcoin talks!  Smiley Smiley 
The BlockRx Project
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January 19, 2018, 08:30:24 PM
 #26

These regulations do not cover 'virtual currency' which is defined as any type of digital unit used as a medium of exchange, unit account, or a form of stored value. In this context, these regulations do not apply to bitcoin or other crypto - currencies, currency exchanges, or underlying technology such as blockchain.
Khamis Al Mansouri, Governor of the Central Bank.
numizmat
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February 12, 2018, 03:24:01 PM
 #27

These regulations do not cover 'virtual currency' which is defined as any type of digital unit used as a medium of exchange, unit account, or a form of stored value. In this context, these regulations do not apply to bitcoin or other crypto - currencies, currency exchanges, or underlying technology such as blockchain.
Khamis Al Mansouri, Governor of the Central Bank.
It seems, now they did so: Abu Dhabi To Regulate Cryptocurrency Exchanges, Framework In The Works
Abu Dhabi Global Market (ADGM) published a press release regarding the regulation of cryptocurrency exchanges on its website yesterday.

The Financial Services Regulatory Authority (FSRA) plans to help the crypto community in the UAE by creating a “a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries.” No date or roadmap was specified for the upcoming project, however, the release mentioned that FSRA will be getting help from “industry participants and relevant professional bodies”.

FSRA previously submitted a ‘guidance’ on supervising ICOs and cryptocurrencies in October of last year. According to the document, cryptocurrencies are commodities which are regulated under Financial Services and Market Regulations (FSMR) only as derivatives. Mining, spot trade and spot transactions of cryptocurrencies are unregulated. Tokens issued in ICOs are considered as securities, where the entire ICO is regulated by FSMR.

The announcement comes a few days after Securities and Authorities Commodity announced that ICO investors are on their own as UAE doesn’t “recognize, regulate or supervise” ICOs.
MisterPrada
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February 14, 2018, 07:39:21 AM
 #28

Glad to see that many large countries are accepting Bitcoin as at least somewhat legitimate at the end of the day.

But even still, how can you can BTC anyway? It's like banning the internet or something. It's just not going to work in the long-run regardless.
xankor
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February 14, 2018, 09:42:00 AM
 #29

Your are sure that bank UAE not ban Bitcoin?
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