UAE’s Federal Crypto License System Will Boost Virtual Asset Development: Raj Chowdhury
PALO ALTO, Calif., March 23, 2022 /PRNewswire-PRWeb/ — Noted blockchain pioneer and PayBito CEO Raj Chowdhury made a statement welcoming UAE’s decision of issuing federal licenses for crypto service providers. He explains how the hybrid licensing mandate will validate existing crypto exchanges and further improve their imaging in front of the general public.
The UAE’s decision of issuing licenses to virtual asset service providers(VASPs) will begin at the end of 2022’s first quarter. At present, the Securities and Commodities Authority(SCA) is finishing the final steps amending the existing legislation to introduce crypto regulation.
The PayBito CEO states, “Major players in the global crypto community have been waiting for regulation. The issuance of virtual asset licenses in the UAE will attract global crypto institutions, propelling the region into a crypto development hub.”
The government came to the resolution after undertaking a crypto risk assessment featuring 12 public and 16 private financial agencies. Also, proper crypto regulation instead of an outright ban is a better solution for preventing illicit money laundering through virtual assets.
The hybrid feature of the upcoming regulation will involve two tasks. To start things off, the UAE SCA will regulate the virtual currency sector in collaboration with the country’s central bank. In addition, the government is also looking forward to regulating crypto mining.
“With cyber-attacks growing each passing day, setting a security benchmark is essential for crypto exchanges for consumer financial wealth protection. UAE-issued federal crypto licenses will benefit legitimate crypto service providers,” concluded Chowdhury, who had previously spoken on the need for consistent security updates in crypto ventures.
In addition to PayBito, Chowdhury also leads HashCash Consultants, a global blockchain development company with institutional clients from over 26 nations. The blockchain proponent has spoken in-depth on crypto’s economic impact highlighting the need for a balance between public and private digital assets, as well as upcoming CFD trends.
The presence of a national or regional regulatory framework and licensing helps crypto service providers adhere to the expected business standards. This helps authorized institutions leverage the best business opportunities through increased revenues, growth, and market penetration.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and PayBito, a global crypto exchange. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, CNNMoney and advises industry leaders in the adoption of Blockchain. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
Media Contact
COLEEN F, Hashcash Digest, +14159662907, coleen@hashcashdigest.info
SOURCE Raj Chowdhury
