Decentralised finance can allow GCC countries to bolster their financial sectors.GCC countries are designing regulations to attract companies to the region.Join Our Community
Earlier that month, the UAE’s Securities and Commodities Authority started accepting licensing applications for companies looking to provide crypto services after crafting a mandatory licensing regime based on the model of Dubai’s Virtual Assets Regulatory Authority , which put forth its own crypto regulatory framework in March.
Even so, emerging markets are leading the uptake of cryptocurrency adoption to bolster financial inclusion, especially after the Covid-19 pandemic spurred the growth and adoption of new e-commerce solutions and attracted many citizens to seek innovative ways to gain access to financial services. To increase security for cryptocurrency users, several companies have launched stablecoins – cryptocurrencies that are pegged to a reference asset such as fiat currencies, exchange-traded commodities like oil or gold, or other cryptocurrencies like Bitcoin or Ethereum.