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key takeaways
- The Dubai Virtual Assets Regulation Law was approved today by the ruler of Dubai.
- In addition, the Dubai Virtual Assets Regulatory Authority was established.
- Sheikh Mohammed bin Rashid Al Maktoum is attempting to boost Dubai as the world’s leading crypto hub.
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Dubai today passed a new virtual assets law and created the Dubai Virtual Assets Regulatory Authority. This is a key step in Sheikh Mohammed bin Rashid Al Maktoum’s ambitions to turn Dubai and the United Arab Emirates as a whole into a hub of the crypto industry.
Dubai’s new crypto law
Sheikh Mohammed bin Rashid Al Maktoum, ruler of the Emirate of Dubai and one of the world’s richest politicians, has amplified the push to make the city the hub of digital assets in West Asia.
Today Sheikh Mohammed, who is also the Vice President and Prime Minister of the United Arab Emirates, Announced the Dubai Virtual Assets Regulation Act, which “aims to create an advanced legal framework to protect investors” and design “highly warranted international standards for the governance of the virtual assets industry that will promote responsible business growth, under prudential regulations.
In addition, the Dubai Virtual Assets Regulatory Authority has been settled down. This body will be the licensor and regulator of the crypto sector in mainland Dubai and most other Free Zone territories. It will work with the Central Bank of the United Arab Emirates, as well as the Securities and Commodities Authority.
The Dubai Virtual Assets Regulatory Authority Supervise the issuance and trading of virtual assets, and companies providing crypto services will first need to obtain its approval. Among other things, the new regulator will also “monitor transactions and prevent price manipulation of virtual assets.”
Dubai has taken a proactive stance on crypto assets for years. For example, the Dubai International Financial Center settled down the “Blockchain Court” in 2018. Last summer, the first Bitcoin Fund in the Middle East began to operate on Nasdaq Dubai. Last December, the Dubai World Trade Center Authority reached an agreement with Binance to help establish the country’s most populous city as the world’s digital asset hub. In February, a Bloomberg report indicated the United Arab Emirates plans to issue licenses for crypto service providers.
while the sheikh Mohammed could largely be seen as an ally of crypto, London’s High Court found him responsible for kidnapping, imprisonment, torture, and intimidation campaigns in a fact-finding trial last year, accusations made by his ex-wife, Princess Haya Bint Al-Hussain. According to the sentence, Sheikh Mohammed was found responsible for the kidnapping, imprisonment and, in some cases, torture of his daughters.
However, Sheikh Mohammed emphasized the one-sided nature of the investigation that was carried out and stated that, as head of state, “he was unable to participate in the court’s investigation process.”
Disclosure: At the time of writing, the author of this article owned BTC, ETH, and several other cryptocurrencies.
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