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UAE Central Bank Issues Strict Anti-Money Laundering Laws for Crypto Sector

United Arab Emirates (UAE) has introduced some changes to the local cryptocurrency sector. The Central Bank of the region has issued new anti-money laundering guidelines to regulate the crypto sector.

The document is also inclusive of counter-terrorism instructions for various financial enterprises. By the decree of these new regulatory guidelines, any financial enterprises that are dealing with digital assets must comply with these laws.

At the same time, these rulings are also imposed on NFT issuers and trading forums. These guidelines have also addressed the matter of risks associated with digital currencies. At the same time, they also deal with risk management strategies for the crypto custodial and trading services providers.

The risk mitigation guidelines consist of implementing due diligence for regulated financial institutions when dealing with digital assets. These risk management checks are related to consumers and other counterparties.

Central Bank Gives Crypto Firms a Month to Become Compliant with New Regulations

The Central Bank of UAE has moved with the crypto changes at a rapid speed. The financial authority has granted a month for the financial enterprises and crypto entities to become compliant with the new regulations. The officials have told the media that the guidelines are to become effective in a short time passage of one month after their issuance.

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It covers financial institutions such as payment services providers, regulated hawala services, insurance firms, exchange markets, banks, and brokers.  The Central Bank has maintained that these new changes are put into effect to comply with the requirements of the Financial Action Task Force or FATF.

FATF nominated UAE among the nations that require increased scrutiny. Such a ranking is usually denoted by a gray listing. As a result, UAE has been determined to work in association with FATF and make changes to its local financial laws to get out of the gray listing.

Robert Kiyosaki is a businessman and author of the critically acclaimed Rich Dad Poor Dad. He recently slammed the US education system as a communist. He has been an avid advocate of financial education.

His recent statement emphasizes the importance of better financial education. He maintained that going to school and giving people money is not enough to teach them about the difference between fake and real money.

On the other hand, he has criticized the Central Banks of the USA and the UK for pumping money into the fiat currency like a balloon. He claims that the interest rate spikes and strikes have put the dependents on fiat currency to hang by a thread. He also claimed that fiat currency has lost value while encouraging the masses to invest in Bitcoin, Gold, and Silver.

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It is important to note that recently the American government has decided to raise the debt ceiling while the market has remained pessimistic on account of further interest spike expectations.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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