العملات الافتراضية في دولة الإمارات العربية المتحدة : الحاجة إلى إطار قانوني لمواجهة مخاطرها : دراسة مقارنة

Abstract EN

Almost ten years ago, under the pseudonym “Satoshi Nakumoto”, the world’s first virtual currency, called the Bitcoin, was created, and since then a large number of virtual currencies have emerged.

It has been the subject work of many technicians who started mining the different algorithm formula through advanced technical means.

Its mining, encryption, exchange, the related transactions, and the prevention of dual use of its units relied on the high technology of Blockchain.

However, the invention of these currencies caused many legal problems and challenges due to its decentralized and anonymity characteristics.

This is added to the risks associated with its use, such as the lack of effective protection for consumers in the event of theft, fraud, or non-execution of the concluded contracts, money laundering, financing of terrorism, purchase of illegal products and services, evasion of taxes, along with its complex legal qualification, and the absence of any local or international integrated legal regime.

Therefore, since it is not efficient to continue to ignore the reality of these currencies, which imposes itself strongly in electronic transactions, with its recent proliferation and the increase of the large numbers of users, we have considered the legal aspects of these currencies in the light of the position announced by official authorities in UAE, in comparison with a number of countries and entities that have witnessed significant development in this area, especially America, Canada and the European Union.

The conclusion we have come to is that the risks associated with the use of these currencies cannot be faced without creating an integrated legal framework to regulate all its legal and economic aspects, especially that we are only at the beginning of this technical crawl and we must be well-prepared for it.