UAE a trendsetting country in cryptocurrency regulation: European academic

The UAE, Japan and Singapore have emerged as the trendsetters in regulating the crypto-currency market effectively, according to a top European academic.

"As crypto assets are moving into the mainstream, over the past year their value has exploded and with a number of ambitious initiatives taking place across Asia and the Gulf, digital assets are becoming a financial force to be reckoned with," said Guy Burton, an Adjunct Professor at the Brussels School of Governance, where he teaches politics and international relations.

In an article titled "Getting it right on crypto regulation", published on BrusselsReport.eu, a website featuring news and analysis covering European Union policy, Eurozone affairs and Investment, he pointed out that in the UAE, the Dubai Financial Services Authority explicitly included a crypto regulatory framework in its 2021 business plan.

"Since the start of the year the country has begun to put it into action. The UAE has adopted elaborate regulation as well as established a dedicated regulatory body. The country has already issued licences for more than 30 exchanges to be set up. That, along with officially sanctioned crypto mining, should mean that the country’s share of the global crypto market should grow more than the $26 billion from last year," Burton explained.