Is Dubai Racing ahead of other crypto-friendly nations?

Is Dubai Racing ahead of other crypto-friendly nations?

Published: Fri 29 Apr 2022, 12:17 PM Last updated: Fri 29 Apr 2022, 12:20 PM

Many countries that were previously hailed as a modern, forward-thinking jurisdiction have now tightened their regulatory grip in the crypto markets by issuing new guidelines. The European Union recently passed legislation related to crypto tracing which has harboured a lot of criticism from the key players of the industry.

Estonia, which was once a crypto friendly nation, has now introduced legislation which would include more rigid and stringent regulations hence making it difficult for market players. The country has also put a halt in issuing new licenses for crypto companies to carry out their operations in Estonia.

Similarly, Singapore recently tightened its regulatory grip in the crypto markets by issuing new guidelines which includes preventing cryptocurrency exchanges from advertising their services to the public. After the Monetary Authority of Singapore (MAS) prohibited cash-to-crypto interfaces, crypto ATM operators were compelled to shut down their equipment. This news came as a shock to the crypto industry in Singapore as the country has always been a crypto friendly nation. It was one of the main reasons why start-ups in the Singapore crypto industry grew rapidly. However, these businesses are now encountering