United Arab Emirates (UAE) published the Regulatory Framework For Stored Values and Electronic Payment Systems.
The rules about Virtual Currency are awesome:
Virtual currency means any type of digital unit used as a medium of exchange, a unit of account, or a form of stored value.
Virtual Currency (s) is not recognised by this REGULATION.
Exceptions are made to a digital unit that:
a) can be redeemed for goods, services, and discounts as part of a user loyalty or rewards program with the Issuer and;
b) cannot be converted into a fiat /virtual currency.
The draft enacts a very simple rule:
D.7.3. Provisions for Virtual Currencies.
All Virtual Currencies (and any transactions thereof) are prohibited.
I hope that UAE Central Bank could re-consider this approach that will exclude this innovative State from FinTech Revolution, even if it is questionable if this Regulatory Framework falls only on regulated entities.