Central Bank Digital Currencies and the Future of Money - Part 1
This report is Part I of a series of publications on the future of money
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This report is Part I of a series of publications on the future of money
On 14 October 2020, the UAE Central Bank (“UAECB”) issued the Loan-based Crowdfunding Activities Regulation (the “Regulation”) that stipulates the minimum standards required to conduct Loan-based Crowdfunding Activities (“LCA”). Notably, the UAECB stated that they encourage Loan-based Crowdfunding Companies to exceed the minimum requirements outlined in the Regulation, as the goal of the Regulation is to safeguard the financial system from the risks posed by LCA and safeguard the interests of consumers in the UAE.
In June 2020, the Sultan of Oman, His Majesty Sultan Haitham Bin Tarik, issued Royal Decree No. 64 of 2020 establishing the Cyber Defense Centre. Although very short, the Decree represents one of the latest developments concerning the data protection and cybersecurity landscape in Oman. Article 1 of the Decree states that a centre by the name of “The Cyber Defense Centre” will be set up and that such centre will report into the Oman Internal Security Service (“ISS”). The Decree is brief and does not go much further than stating that bylaws and decisions necessary for the implementation of such a system will be issued by the Head of the ISS, and that anything contrary to the Decree and the system it implements is hereby repealed.