In this last year, the United Arab Emirates have positioned themselves as a world shelter for the cryptocurrency industry, something that has led to their neighbor, Saudi Arabia, abandon the caution and progress in the same direction. Proof of this is that the main banking entity of this country has chosen the former managing director of the Accenture consultant, Mohsen Al Zahrani, as the new director of the Entity’s Digital Assets and Currency Program.
Until now, Saudi had not shown interest in the world of digital assets, in fact, it had been quite the opposite, since their officials warned of the highly speculative character of cryptocurrencies, prohibiting banks from making transactions with these assets. Although now this speech seems to have completely changed, since the heir Mohammed Bin Salman has proposed to turn Riyadh into a world center of cryptodivisas.
The new step of Saudi Arabia
To seek Saudi Arabia into a power in the field of cryptocurrencies, the industry of a regulatory framework would be sought, this at the same time that companies are pressed to increase your presence in the capital of the largest economy of the Middle East, this as Bloomberg has let.
Binance, one of the main companies in the cryptocurrency sector, has seen the potential of the country, which sees as “a market without exploit”, this as long as the current regulation of cryptocurrency regulation in the country is made flexible, the crypto exchange platform is preparing for this scenario having a team in the country.
For their part, the United Arab Emirates have made public their plan to issue federal licenses to companies related to cryptodivisas, this with the main objective of allowing them to operate freely in the country, additionally to this, the authority of values and raw materials of the United Arab Emirates has been working on the creation of legislation that allows these companies to be easily established in the country.