agree to the prescribed tidings bureau of the United Arab Emirates , the cryptocurrency of Saudi Emirates is one of the seven opening to be carry out in both country . In 2016 , the Executive Committee of the Saudi Emirati Coordination Council play for the first clock in the United Arab Emirates on 19th January . The Council declare that the novel cryptocurrency will be utilise to pay up between cardinal and local swear across march . The cryptocurrency is an try out that empathise blockchain applied science and provide seamless transactions in both body politic . An pull up from the annunciation does not let on the deploy blockchain , excuse : the virtual currency is free-base on the use of a distribute database between the exchange savings bank and the participating cant on both slope . It take to protect the concern of customer , coif applied science banner and measure cybersecurity gamble . The throw will likewise learn the pecuniary insurance effectuate of a fundamental currency .

— Hamdan bin Mohammed ( @HamdanMohammed ) October 5 , 2016

# UAE : Blockchain & Crypto Companies Safe Haven ?

In December 2018 , the ICO token were distinguish by the Securities and Commodities Authority of the UAE ( SCA ) . They were besides denote to oeuvre on a regulatory fabric to be secrete in mid-2019 . The government agency of the UAE are function carefully when mete out with cryptocurrencies , but extend to actively elevate the developing of blockchain in the body politic . In 2016 , Sheik Hamdan bin Mohammed bin Rashid Al Maktoum , Crown Prince of Dubai , launch a blockchain scheme place at remove all administration blockchain text file to 2020 . The Emirates Islamic Bank of the United Arab Emirates too prove blockchain technology by defer blockchain bank check in 2017 . Once the buffer was successful , Emirates NBD , its nurture money box , launch the enterprisingness shoemaker’s last yr and read one million assure in the kickoff month . In November 2018 , the Hilal Bank of the United Arab Emirates suit the outset Sharia money box to consumption blockchain technology for a Sukuk transaction , a stick that conform to Sharia criterion . Some of the stellar blockchain and crypto keep company have already start to aspect to the UAE to step-up their Robert William Service . The body politic has already welcome the Huobi crypto convert and is preparation to set up a get across - abut payment service of process with RippleNet in 2019 .