The widespread usage of cryptocurrencies has raised concerns about its security and safety. Since quite some time, discussions regarding control and regulation of cryptocurrencies have been doing rounds globally.
According to latest reports, the Financial Regulators in Abu Dhabi is planning to launch a Cryptocurrency framework to regulate the use of virtual currencies. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi is currently assessing the development of a regulatory framework with the pertinent official authorities.
The idea behind introducing the regulation is to keep a close check on the activities and utilities of the virtual currency by the Cryptocurrency holders and intermediaries.
Earlier, in October, the Abu Dhabi Government had introduced certain guidelines for cryptocurrencies and ICOS in UAE. However, at that time, the Financial Regulator of Abu Dhabi did not support the idea considering ICOs as a security and Cryptocurrency as a Commodity.
The FSRA in its plan to develop a proper financial framework to supervise cryptocurrency also, it is still gaining immense popularity and interest worldwide as a medium of exchange.
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