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The Abu Dhabi Agriculture and Food Safety Authority has banned cryptocurrency mining on farms.
This legislation addresses the misuse of agricultural land and imposes penalties of as a lot as 10,000 United Arab Emirates Dirhams (roughly $2,722) for violators.
Stricter Regulations to Retain Agricultural Integrity
Cryptocurrency mining demands gargantuan computational vitality and electrical energy, conflicting with farms’ main agricultural functions. The govt. goals to retain the supposed utilize of agricultural resources. Farmers must retain a long way from cryptocurrency mining actions to forestall hefty fines.
No topic this legislation, the United Arab Emirates (UAE) remains pro-crypto. In 2023, the country emerged as a indispensable participant in the global Bitcoin mining landscape, with a mixed Bitcoin mining skill of spherical 400 megawatts, contributing roughly 4% of the global Bitcoin hash rate.
The UAE attracts main crypto companies. In Could presumably well well 2023, Chainalysis, a blockchain analytics company, established its regional headquarters in Dubai. Equally, Blockdaemon, a supplier of institutional infrastructure, expanded its presence in Abu Dhabi, facilitated by the Abu Dhabi Global Market (ADGM), a notorious monetary regulator.
Be taught extra: Is Crypto Mining Successful in 2024?
The UAE’s regulatory landscape balances innovation with compliance. In April 2023, the UAE presented a crypto industrial licensing program, promoting regulatory clarity. Alternatively, this program is now not a truly extraordinary for Dubai or the nation’s economic free zones, reflecting a nuanced attain to legislation.
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