Global blockchain, digital asset regulation policies and practices – Middle East
Since most Middle Eastern countries have banned digital asset trading, digital currency trading still has many obstacles throughout the Middle East. However, most Middle Eastern countries are actively promoting the R&D and innovation of blockchain technology, and the government is leading the way to explore the application of new technologies in the blockchain. This paper sorts out the countries that mainly introduce blockchain and digital currency regulatory policies.
From a policy perspective, the Dubai government has a strong support for blockchain innovation on a global scale. The main contents are as follows:
Second, the United Arab Emirates
The UAE government has already planned to regulate the digital currency, and actively promote blockchain research, promote the development of blockchain technology, and encourage the establishment of blockchain enterprises in the country.
For the issuance of digital currency, Pakistan has strictly prohibited the gradual relaxation and issued relevant policies to regulate illegal acts such as money laundering. At the same time, Pakistan has cooperated with China to establish blockchain projects and actively develop blockchain applications.
Although Turkey's regulatory environment for digital currencies is still unclear, it is actively introducing a national strategic plan to encourage blockchain technology development.
Egypt was the first country in the world to declare a ban on digital currency trading on the grounds of religion, and it has always adopted a strict ban on cryptocurrency.
In 2017, the Central Bank of Iran (CBI) announced that virtual currency was used to launder money and support terrorists, thus prohibiting domestic residents, banks and exchanges from making virtual currency transactions. However, in 2019, Iran changed its policy to prepare for the implementation of the country's official digital currency.
Digital currency is not protected by law in the Kingdom of Saudi Arabia. Its nationals are not allowed to engage in virtual currency transactions, and it is illegal to engage in virtual currency transactions.
At present, most countries in the Middle East believe that digital currency is a specific virtual currency, does not have the legal status equivalent to assets, and cannot be used as assets in the market. For blockchain technology, many countries support the development of blockchain. Technology to promote the application of its own public blockchain project.
Author: Chen Yunfeng