This is definitely a step forward for DeFi and the crypto scene, but I can't help but feel skeptical about their push to fine unlicensed operations. I mean, we’re talking about decentralized finance here, which operates online and isn’t really under their control. Sure, they can impose fines and require licenses for projects within their borders, but how do they plan to regulate the open internet? The dev teams definitely aren’t responsible for what UAE citizens do.
Hello,
The new law extends the regulatory perimeter to unlicensed foreign firms that market or promote financial products or services to UAE residents, making them subject to enforcement if they e-zpassde actively solicit business in the country.
The decree appears aimed at attracting institutional investment and enhancing the UAE's reputation as a safe and reliable destination, paving the way for a clearer and more attractive regulatory environment for cryptocurrency investment in the UAE.
Investors will gain legal protection from the state, but there will also be some drawbacks, particularly for individual cryptocurrency investors, such as privacy risks, the potential imposition of new taxes and fees, and so on.