invezz.com
The United Arab Emirates is showing a progressive attitude towards crypto and digital assets in general. The Emirates Post Group (EPG) has announced it will issue nonfungible token (NFT) stamps to mark the 50th National Day.
The stamps will be unveiled on December 2, and EPG will become the first postal body in the Middle East and North Africa to issue digital-collectible stamps.
UAE’s digital collectible stamps
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The NFT stamps will comprise blockchain-based digital twins issued as digital collectibles attached to their physical counterparts.
The collectibles will come at a total of four stamps. Each of these stamps will have a unique design, including the national theme. Buyers of these stamps can view the unique design attacked to the physical stamp bought after scanning a QR code on the card.
A buyer can then activate the NFT on the blockchain by scanning a QR code hidden behind the card.
The CEO of the postal body, Abdulla Mohammed Alashram, stated that NFT offerings are in line with EPG’s vision to become digital-savvy. He stated that the postal body was “exploring how the implementation of blockchain technology can streamline and enhance our operations and introduce other competitive advantages.”
More crypto plans in the future
Alashram further stated that the launch of these digital collectibles is the first step towards the company’s venture into blockchain and crypto technology. He stated that EPG was planning to launch additional digital stamps in future.
He further stated that the adoption of the latest technological advancements targeted the “technology-savvy generation” that preferred services that can be accessed via digital platforms. Moreover, he added that the firm would launch additional NFT stamps to bridge the gap between the traditional postage stamps and the digital sector.
The UAE has shown a positive attitude towards digital assets. The regulators are pushing for crypto-friendly regulations that will support the trading of digital assets in the Dubai economic free zone.
Towards the end of October, the Dubai Financial Services Authority (DFSA) issued a set of regulations regarding investment tokens. The regulations sought to bring regulatory clarity on digital assets to both investors and firms operating in the sector.