Development Studies Research | |
Regulation of virtual currencies in the United Arab Emirates: accounting for the emerging public/private distinction | |
Mohammed El Hadi El Maknouzi1  Hicham Sadok2  | |
[1] Business Law, Abu Dhabi University, Abu Dhabi, United Arab Emirate;Business Law, Mohammed V University in Rabat, Rabat, Morocc;Economics and Finance, Mohammed V University in Rabat, Rabat, Morocc; | |
关键词: Virtual currencies; United Arab Emirates; Gulf Cooperation Council; money laundering; blockchain; terrorism financing; | |
DOI : 10.1080/21665095.2021.1980413 | |
来源: Taylor & Francis | |
【 摘 要 】
This article maps the changing global conversation on virtual currencies (VCs) internationally And brings that to bear on the development of a suitable regulatory framework for VCs in the United Arab Emirates (UAE). Through a review of recent international developments, the article notes a reversal in regulatory attitude towards VCs. This review suggests two emerging horizons of regulatory intervention. The first concerns the public issue of VCs to develop financial traceability and economic transparency – an arrangement that would be particularly relevant for developing countries with large informal economies. In particular, public VC issue raises follow-up questions of technological adequacy and the legal status of a means of payment guaranteed by the State. The second concerns privately issued VCs traded on independent platforms and focuses on the trade off between economic development, through a private market for VCs, and the risks connected to money laundering and the financing of terrorism. Here, a two-pronged system of ex ante licensing to private venture capitalists, coupled with ex post-sanctions, appears to be an emerging international standard for supporting economic development in countries marked by the preponderant weight of an underground economy.
【 授权许可】
CC BY
【 预 览 】
Files | Size | Format | View |
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RO202111260651270ZK.pdf | 908KB | download |