Previously, regulators in the UAE had expressed scepticism about cryptocurrencies, without going as far as trying to enforce an outright ban on them.
In the world of cryptomillionaires, that's diversification, and it should be worrying for wealth managers beginning to eye those whose high net worth has risen along with the price of bitcoin.
As a result, ICOs offer an efficient and cost effective means of accessing mass capital for start-up or early stage enterprises or technology entrepreneurs which might not otherwise have access to capital markets.
Most of these cryptocurrency exchanges either confirmed that they did not provide trading services for such cryptocurrencies or took immediate rectification measures, including removing relevant cryptocurrencies from their platforms.
The rout in cryptocurrencies intensified, sending Bitcoin to its lowest level since October, as worries over tighter regulation by U.S. authorities and central bankers elsewhere gave traders fresh reasons to sell after a brutal start to 2018.
UOB would be able to connect to Banks in India, Pakistan, Philippines, Sri Lanka and Australia to carry out real-time remittances and corporate payments on HC NET.