Dubai's crypto industry is thrilled the jurisdiction has finally unveiled its crypto regulatory framework, giving locals a concrete licensing regime for digital asset issuers and service providers.

The framework comes after crypto markets went into a tailspin in 2022, prompting regulators everywhere to double down on setting up or enforcing safeguards, leaving companies and investors uncertain of crypto's future.

Under Dubai's new rules, all entities planning to offer one or more crypto-related services in the jurisdiction must seek the relevant authorization and licenses. The framework is accompanied by four compulsory rulebooks for service providers and seven activity-based rulebooks that set out requirements by the type of service offered – something Talal Tabbaa, founder of regional crypto exchange CoinMENA praised as being “elegantly designed.”

(By Sandali Handagama)

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