The United Arab Emirates has always been a region widely appreciated for its ease of doing business and diversity in terms of people, culture and economy. It has become a haven for tech companies from around the world due to its flexibility to manoeuvre and execute ideas that are from the future.
In light of the same, the blockchain industry has been growing rapidly and evolving into the future of finance, data and transparent transfers which has made applications around it to develop and grow hugely. Now with many projects and ventures moving to UAE to build on the blockchain, it has been uncertain in terms of regulations and how does that pan out for firms trying to establish themselves in UAE that is at core focused on utilizing blockchain tech to develop and expand massively.
We have had heard rumors or talks of the regulatory framework being worked up on and licensing to come in place for such businesses that harness the power of the blockchain in UAE but nothing has been made clear as of yet.
The world has not seen a company arise from the UAE and announce the acquisition of a major license that enables them to develop and grow their products on the Blockchain. However, we do know a few that are trying and in the race – including ZelaaPayAE, which has been in existence for a long time and has been building silently abiding by the regulations.
ZelaaPayAE is hyped up with rumours going on about having granted a license to work and scale their platforms and ideas on the blockchain from somewhere in the region but it still hasn’t been made clear in detail – which we believe is true or nothing.
It is interesting to see how this pans out and does ZelaaPayAE actually come out with flying colors to set an example for this blockchain domain worldwide from this region