PayBito CEO Optimistic on UAE Crypto Licensing System

  • March 23, 2022
  • Jennifer Moore
PayBito CEO Optimistic on UAE Crypto Licensing System

Eminent blockchain pioneer and PayBito Chief Raj Chowdhury issued a statement appreciating UAE’s crypto regulation laws providing federal licenses for crypto businesses and service providers. The hybrid license system will authorize valid and functional crypto exchanges further enhancing their public image. 

UAE Crypto Licensing Law

The Middle East is rapidly transitioning into a global crypto hotspot, and the UAE is no different. Therefore, the government has decided to issue licenses for crypto service providers by the end of Q1, 2022. SCA(an acronym for the Securities and Commodities Authority) is currently completing the necessary final amendments for introducing crypto regulation. 

The ruling government came to this conclusion after conducting risk assessments for cryptocurrencies in a survey consisting of twelve public and sixteen private financial enterprises. Moreover, an added advantage of opting for crypto regulation is the efficiency in countering illegal money laundering through digital assets.  

Also Read: Top 10 Cryptocurrency and Blockchain-Friendly Countries in the World

CEO Speak

The noted blockchain proponent stated, “Major players in the global crypto community have been waiting for regulation. The issuance of virtual asset licenses in the UAE will attract global crypto institutions, propelling the region into a crypto development hub.”

Increased Security Features

The hybrid federal regulation encompasses two objectives, starting with policies for the crypto sector. Therefore, the regulatory body SCA will collaborate with UAE’s central bank for the regulation of digital assets in terms of trading and mining. 

The PayBito Chief also stressed the importance of increased security features for crypto ventures to earn public trust. In an online session, he mentioned, “With cyber-attacks growing each passing day, setting a security benchmark is essential for crypto exchanges for consumer financial wealth protection. UAE-issued federal crypto licenses will benefit legitimate crypto service providers.” 

Also Read: Dubai and MENA Partners Introduce Crypto Regulations to Boost Fintech

Final Words

A national framework of regulations aids virtual asset service providers(VASPs) in adhering to global business standards. Therefore, this also assists authorized enterprises in leveraging the best scope through enhanced growth, revenues, and market presence. 

Source: https://finance.yahoo.com/news/uaes-federal-crypto-license-system-070000615.html

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