AUTHOR: Prof. Sir Manuel Freire-Garabal y Núñez
KEYWORDS: Blockchain, UAE, Middle East, STO, Crypto, Banking
ABSTRACT: Blockchain regulation in the Middle East is always still starting. Nevertheless, UAE is becoming a pioneer in the field with the regulation of many aspects in some of the different fields and areas.
As the Government of UAE says: blockchain advancement will help save time, effort and resources and urge people to process their trades at the time and detect that suit their lifestyle and work. By grasping this advancement, the UAE government plans to save 11 billion Emirati dirhams in trades and records arranged routinely, 398 million printed records each year and 77 million work hours yearly.
In Blockchain, one of the fields that need urgent regulation is STO. At the moment that STO regulations will be developed will suppose a great chance to increase social and economic profit. For example, a 100 million dollar STO deal was constituted in a Sumner Gathering centered in the Middle East.
The regulation in all the countries of the Middle East, as well as worldwide countries, is needed because blockchain transactions will be the future of interpersonal relations in the economy as well as in all the fields related to integrity and security.