Kokila Alagh, a legal expert, expressed her thoughts on the UAE’s crypto and blockchain regulations.
Some countries have explicitly banned cryptocurrencies, while others, like UAE, are coming up with new ideas to develop new methods to utilize blockchain and cryptocurrency. The country has been steadily implementing its ambition of becoming a blockchain capital by establishing frameworks to instruct crypto enterprises on how to comply with the rules.
The Securities and Commodities Authority (SCA) regulates the mainland, whereas free zones, which are geographically defined territories within the UAE with reduced taxation and regulatory regimes, are regulated by the Securities and Commodities Authority (SCA).
The Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority (DFSA), Abu Dhabi Global Markets (ADGM), regulated by the Financial Services Regulatory Authority (FSRA), and the Dubai Multi Commodities Centre (DMCC), regulated by the SCA, are examples of such free zones.
Kokila Alagh, the founder and CEO of Karm Legal Consultants, gave a quick outline of the regulatory position in the nation in an interview with Cointelegraph. The SCA, the mainland regulator, according to Alagh, provides clarity and opportunity for crypto and blockchain businesses.
