June 4, 2024
Latest Cryptocurrency News

Abu Dhabi Authority Prohibits Crypto Mining on Farms

The Abu Dhabi Agriculture and Food Safety Authority, the authority on agriculture in Abu Dhabi, UAE, issued a strict advisory to farmers, forbidding crypto mining on farms. The agency emphasized that farms must not be utilized for crypto mining activities, deeming it a misuse of the farm’s intended purpose.

Penalties for Violation

Farmers found violating this directive face hefty penalties of up to 10,000 UAE dirhams, equivalent to approximately $2,722. The government’s firm stance underscores its commitment to maintaining the integrity and intended use of agricultural lands in the region.

Al Rawafed Agricultural Organic Farm situated in Abu Dhabi. Source: Gulf News

UAE’s Crypto Landscape

Despite the ban on crypto mining on farms, the UAE has emerged as a pro-Bitcoin mining jurisdiction in the Middle East. In 2023, the UAE boasted a significant Bitcoin mining capacity, comprising approximately 4% of Bitcoin’s global hash rate. This signals its growing influence in the crypto mining sector.

Contrasting Regional Policies

While the UAE embraces crypto-friendly policies, neighboring countries like Kuwait have taken a stricter stance. In July, Kuwait implemented a blanket ban on all crypto-related activities, including mining. This move reflects varying attitudes towards digital assets across the Middle East.

UAE: A Hub for Crypto Projects

The UAE continues to attract crypto-focused projects, with recent expansions by industry players. Blockchain analytics firm Chainalysis and institutional infrastructure provider Blockdaemon have both expanded into the UAE. Thus, indicating the country’s growing importance in the global crypto ecosystem.

Progressive Stance on Crypto

Crypto-native projects view the UAE as progressive in its approach to cryptocurrency. Chainlink co-founder Sergey Nazarov praised the government’s support for the crypto space, citing Dubai’s favorable regulatory environment and economic policies as attractive qualities for crypto innovation.

Image from Wikimedia Commons

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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