Business DescriptionLegality of cryptocurrencies in the UAE
Although UAE has not yet adopted any laws governing cryptocurrency, it does welcome new technologies and is embracing the blockchain and cryptocurrencies. In 2017, the Central Bank of the UAE issued a Regulatory Framework to govern electronic payment systems. While this regulation prohibits virtual currencies and blockchain projects, the UAE has not yet passed any laws restricting them. Although the UAE has yet to adopt any formal cryptocurrency legislation, it has issued licenses to several companies and is considering issuing its own official cryptocurrency.