A specialised Gulf report has called for a unified regulatory framework for digital currencies and crypto assets across the GCC, saying co-ordinated action is essential to keep pace with the rapidly evolving digital economy and maximise the sector’s investment and technological opportunities.
The report, obtained by our sister paper Akhbar Al Khaleej and submitted to the Advisory Commission of the GCC Supreme Council, said the next phase requires comprehensive legislative and regulatory frameworks built on close co-ordination among central banks and supervisory authorities in member states.
According to the report, harmonising digital asset policies would help strengthen financial stability and mitigate risks arising from market volatility and unregulated activities.
The report also urged greater Gulf co-operation in financial technology (fintech), including the development of modern regulatory mechanisms capable of keeping pace with rapid innovation.
It highlighted the importance of supporting central bank digital currency (CBDC) initiatives, noting that they could improve payment efficiency, facilitate cross-border transfers and further economic integration among GCC countries.
The report identified blockchain technology as a key pillar of digital transformation because of the transparency and security it offers in transactions.
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