New UAE Sweeping Banking Decree Looks to Cement Country’s Global Crypto Position

The United Arab Emirates' new central bank law enacted recently brings digital assets and decentralized finance (DeFi) into traditional banking regulatory compliance and positions the country as a global financial innovation hub. The new law, which was enacted in September but made public this week, contemplates fines for unlicensed operations within the country of up to 1 billion dinars ($272 million) and states all crypto and blockchain organizations that conduct business in or from the UAE must be lice ...