Khaleej Times

cryptocurr­ency in uae: expert speak

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There is nothing in the UAE law that prohibits a person from lawfully obtaining such digital assets as Bitcoin, but there is no regulated regime for businesses to trade in them. One needs to conduct due diligence when dealing with this new asset class; however, I believe that one needs to consider allocating 5-10% of their net-worth to digital assets. Ask yourself — if you had the chance to invest in TCP/IP Protocol back in the 90s (the protocol on which the Internet is based) would you do that? I think the answer is yes, but people could only invest in individual companies as opposed to the protocol. With blockchain technology, you can actually invest in the protocol! Major western institutio­nal investors are already on board, and I think our MENA region is falling behind. Irina Heaver, Senior Commercial & Technology Lawyer and Partner, Fichte & Co

I got to know about cryptocurr­encies through a business article I read back in 2015, but started investing only from September 2017 when I learnt extensivel­y about it from a friend. It’s very important to realise that Bitcoin and other cryptocurr­encies are extremely volatile. My experience with it has been great, but in the bigger scheme of things, it’s not as fruitful as it was earlier. I encourage others towards it, but it’s imperative to keep up with the news and not invest blindly. Remember to take calculativ­e risks and not go full throttle with your investment­s. Mohammed Umair Asif, CEO, ARTCO group of companies

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