UAE advances in crypto assets regulations: Darmaki
Dubai government aims to have 50 per cent of its public services utilising blockchain by 2021.
The UAE is very advanced and proactive in terms of using blockchain technology and regulation of crypto assets and "we are heading in a very positive direction", said Saeed Al Darmaki, co-founder, Alphabit Digital Currency Fund and Strategic Advisor to Digital Assets Exchange (DEX).
It may be recalled that recently Bitcoin prices had rallied and the main driver was the statement made by Chinese president Xi Jinping where he announced his support for blockchain technology. The Chinese congress also passed a cryptography law one day after his comments. China dominates both blockchain technology development and Bitcoin mining.
Darmaki advises that investors should always transact with a trusted party be it an individual, exchange or broker.
"The UAE will have several regulated exchange options launching before the end of this year and that will be the safest avenue for investors and traders in the UAE."
Similarly, Deepak Machado, Bitcoin enthusiast, said there are several ways to encash Bitcoins. "We can sell them on exchanges, trade on peer-to-peer cryptocurrency platforms etc. Extreme caution must be exercised with regard to the reputation of exchanges and platforms you trade on. Only deal with exchanges that are trustworthy," he said.
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