Crypto promise for migrant workers in UAE

Dubai along with the rest of the United Arab Emirates (UAE) is inching closer to inaugurating licensed crypto exchanges, an initiative that could enhance financial inclusion for the countless who constitute most of the territory’s workforce.

Migrants may be able to send money home using online wallets with smaller or no fee at all and that too within minutes. This will help them avoid the long waiting hours in the Gulf’s humidity and heat.

As per the World Bank, approximately 1.7 billion adults worldwide didn’t own a bank account as of 2017. Out of all, more than one-fourth of them are in Indonesia, India, Bangladesh and Pakistan.

The majority of these nations are among the top senders of migrant workers to the Gulf, where they find a job in the hospitality industry, construction, or domestic work to send money back to their families.

The UAE’s move towards digitizing the industry started the previous year when its Securities and Commodities Authority specified that anyone offering crypto assets in the Emirates must be formally licensed and adhere to a range of cybersecurity, anti-money laundering and data protection laws.

So far, 6 companies have been officially recognized under the regulations to set up crypto exchanges, with 2 reaching the first stages of going live.

One out of 6 is MidChains. It is a crypto asset trading platform based in Abu Dhabi. MidChains is getting ready to launch for trading.

CEO and Co-founder of MidChains, Basil Al Askari said that there is no earnings threshold. Technically, the platform will be open to everyone.

Share & like

Leave a Reply