Islamic Finance 

Dubai poised to be global blockchain leader

| 17 April, 2018
 Staff Writer

The UAE is ahead of the global pack in its adoption of blockchain and cryptocurrencies, said Rashid Yusup, CEO, Taklimakan, which provides services in crypto education, analytics and social networking.

"The Dubai Blockchain Strategy aims to position Dubai as a leader in this global technology. Dubai is on course to become the first economy to operate its own cryptocurrency by the year 2020 and the Dubai Land Department is possibly the world's most advanced use of blockchain by any government entity," Yusup added.

Speaking on the sidelines of the Global Blockchain Forum, he said the UAE is a rapidly developing tech economy and blockchain is at its core in both the public and private sectors.

Highlighting his expectation on when the UAE will regulate initial coin offerings, Yusup said: "In 2017, token sales raised nearly $4 billion and this figure spiked to nearly $6 billion in Q1 of 2018 alone. The rules for regulating ICOs also need to be fully global. While the United States has stricter rules than anywhere else, any ICO needs to follow global best practices on issues such as 'Know Your Customer' [KYC] and anti-money laundering. Regulators are rightly watchful on these questions."

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