Major Financial Nations, China and UAE Officially Set To Open Doors To Cryptocurrencies

Major Financial Nations, China and UAE Officially Set To Open Doors To Cryptocurrencies

It has been a massive weekend for crypto regulation after both China and the UAE have given the green light on crypto regulation and blockchain implementation.

If the world needed any more confirmation that a new dawn for finances was being beckoned with news that two major Asian nations who have a profound effect on the global economy, China and the UAE, have detailed their intention to consider the widespread implementation of crypto and blockchain confirmation will do just that. In an incredibly exciting 48 hours for the world of digital assets and blockchain.

China Set Date for Crypto Law

China started off the weekend by setting a date for a new cryptography law which is set to come into place from the start of 2020. On January 1st, the law will come into action will focus on the regulatory and legal challenges of commercial implementation of crypto assets in the financial world. With an already released draft for the proposal stating, “Clear guidelines and regulations are needed to evaluate commercial cryptography technologies used in the major fields related to the national interest as the current ‘loose’ system is not suitable for the industry anymore.”

The move is a direct advancement on the nation’s president comments, whereby he stated that China should “seize opportunity” to adopt blockchain technology. The cryptography law will do just that as it should help organisations within the country to further delve into research in development into the field of crypto and blockchain.  This seemed to get started with this almost immediately as now today, news has emerged with more clarity on exactly the direction they will be going with technology, namely blockchain and Artificial Intelligence (AI) helping with cross-border financing.

However, there is still a long road to go yet and this will likely just the beginning as more and more uses for blockchain will emerge from China. Of course, the nation has a had a bit of a love-hate relationship with the technology in the past, but now that these legislation has been passed and their intentions laid out before the world, it will likely not be long before they are firmly cemented them as a leading crypto nation.

UAE Regulation  

Meanwhile, just shy of 5000 miles west, the United Arab Emirates followed suit with a very similar piece of legislation that also seems to indicate a changing in tides in the major-Middle Eastern nation. The Securities and Commodities Authority (SCA) within the nation will begin on the pursuit of regulation of cryptocurrencies and provide more clarity on the legality of the assets.

While in the grand scheme of things, the UAE are somewhat of a dark-horse in the world of blockchain, the country has long been one of the more open-minded to the emerging technologies involving blockchain, compared to their neighbouring nations. However, this is the first major development that indicates a serious intention to see what avenues the nation can pursue. Perhaps in a bid to not fall behind other nations just when the UAE was making their presence well-known on the world financial stage.

This, of course, is fantastic news for blockchain firm’s potential in new territories. While for the crypto industry at large, it demonstrates that a new era beckons as when these major nations are showing interest, others will start to take note.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021