Dubai is one country pressing down its effort to position itself at the forefront of blockchain technology and cryptocurrency, although many other top countries are welcoming them with mixed emotions.
Demand for digital assets such as bitcoin, altcoins, stable coins, and novel instruments like non-fungible tokens (NFTs). But because of its underlying technology- Blockchain, which is dispersed and frequently decentralized, authorities may find it challenging to integrate digital assets into existing regulatory frameworks.
Dubai’s timely move in 2022 is a clear message to the world about its efforts to become one of the most digital-friendly in the world. Some of these include the acceptance of cryptocurrencies United Arab Emirates (UAE) national airline, Emirates and the formation of a new regulatory body VARA – Virtual Asset Regulatory Authority.
Dubai established a legislative framework for virtual assets, including cryptocurrencies, in February 2022, which many perceive as an expedited push to become a global digital asset center. In addition, Dubai established a regulatory authority for digital assets – Virtual Assets Regulation Authority (VARA). With the installation of its metaverse headquarters in May 2022, VARA became the first regulator to have a presence in the metaverse. VARA’s virtual presence will be the main point of contact for global virtual asset service providers, allowing them to submit applications, welcome new licensees, share experiences, and promote global interoperability.
The announcement in May 2022 that Emirates, the national airline of the United Arab Emirates (UAE), will accept Bitcoin as payment represents a watershed moment in the country’s long-held desire to become one of the world’s foremost digital assets centers.
Not only Dubai but the whole MENA region has taken cryptocurrency and blockchain as a serious game. Helios Groups, Hong Kong is an expert in the financial industry and provides services to top-tier brands around the world. Given the volatility of cryptocurrencies, Helios Groups introduced “the World’s First Regulated Cryptocurrency – PNP Coin” and plans to develop a regulated crypto exchange – Helios DAX, through which they want to get a major market share in the overall industry and total share in the regulated sector in the first year.
The authentication process of PNP Coin is on the next level. Once the investors made up their minds to buy the regulated cryptocurrency PNP Coin, they had to complete their basic KYC process. The investors must submit any government-approved id card (for example, Emirates id) or passport and banking details. PNP Coin maintains a slab on the number of tokens that can be bought by an investor, 100 as minimum and 5,000 as maximum. Limitations in the number of tokens that an investor can buy have led to the enlargement of the PNP community.
Helios Groups proclaimed that PNP Coin is safer than any other unregulated cryptocurrency. PNP is a sound long-term investment that seeks the option of regulated cryptocurrency. PNP provides a highly secure wallet to ensure the safety of its tokens.
Helios Groups has been inventive in creating a new way of trading cryptocurrencies through a regulated exchange – Helios DAX. Dax exchange is expected to be released in the Q4 of 2022. They are leading a revolution by converting all unregulated cryptocurrencies, such as bitcoin and Ethereum, into regulated ones. The hodlers of PNP are eagerly waiting for the onset of Helios DAX. Those who invested in PNP tokens in May 2021 have seen their investments rise sevenfold and still want to contribute more to their portfolios.
After Dubai established new legislation to control virtual assets such as cryptocurrencies and NFTs and created a new regulatory agency, VARA, the team of PNP Coin predicted the scope of regulated cryptocurrency. They are looking ahead and exploiting possibilities in Dubai, the same as PNP’s strong foothold in India.
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