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Bloomberg reports that the government of the United Arab Emirates (UAE) intends to issue federal licenses that will allow cryptocurrency companies to operate legally in the country.
According to Bloomberg, this is in order to surpass cryptocurrency centers such as Singapore and Hong Kong.
In addition, the country plans to create an ecosystem for cryptocurrency mining.
Currently, the Securities and Commodities Authority is finalizing amendments to legislation that will allow digital services providers (VASPs) to open businesses in the country.

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