Bitcoin and Cryptocurrencies are Exempt from UAE’s Virtual Currencies Ban

[kreslik.news]

The Central Bank of the United Arab Emirates (UAE) has clarified its policy regarding the use of bitcoin and all other cryptocurrencies after causing a small stir among the country’s fintech community.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong

After new regulations that came into affect at the start of 2017 read that “all virtual currencies (and any transactions thereof) are prohibited”, bitcoin exchanges and other cryptocurrency startups in the UAE feared that their operations had become illegal. This could have hurt efforts to cultivate the country’s fintech ecosystem in contrast to the stated purpose ... (read more)