[2014-10-25] Bitcoin future in UAE uncertain due to lack of regulation
Bitcoin future in UAE uncertain due to lack of regulation
http://www.thenational.ae/uae/bitcoin-future-in-uae-uncertain-due-to-lack-of-regulation
Efforts to promote the use of Bitcoin in the UAE have stalled amid uncertainty over how it is regulated here and in the wider region.
We reached a point where we are still uncertain about complying with regulations, which is where we have actually stalled, said Tarik Kaddoumi, who started Umbrellab, a Bitcoin services company, with co-founder Sergey Yusopov.
In April, Umbrellab activated the UAEs first Bitcoin ATM in Dubai Media City, but it has since scaled back its efforts until regulatory questions are resolved.
Damn.... Support from one of these oil rich gulf states would have been good for bitcoin.
http://www.thenational.ae/uae/bitcoin-future-in-uae-uncertain-due-to-lack-of-regulation
Efforts to promote the use of Bitcoin in the UAE have stalled amid uncertainty over how it is regulated here and in the wider region.
We reached a point where we are still uncertain about complying with regulations, which is where we have actually stalled, said Tarik Kaddoumi, who started Umbrellab, a Bitcoin services company, with co-founder Sergey Yusopov.
In April, Umbrellab activated the UAEs first Bitcoin ATM in Dubai Media City, but it has since scaled back its efforts until regulatory questions are resolved.
Damn.... Support from one of these oil rich gulf states would have been good for bitcoin.