Dubai Adopts First-Ever-Law Regulating Virtual Assets
The Ruler of Dubai, his Highness Sheikh Mohammed bin Rashid Al Maktoum, issued the Dubai Virtual Asset Regulation Law. The aim is to develop an advanced legal framework for investor protection and planning international standards for the virtual asset (VA) industry governance that will enable responsible business growth, under prudential regulations.
Dubai Moves Ahead With Virtual Assets Regulation
Under the law, the provisions of which are applicable throughout the Emirate, including special development zones and free zones, the Dubai Virtual Asset Regulatory Authority (VARA) shall be established. However, the Dubai International Financial Centre is excluded from it.
The VARA has legal personality and financial autonomy and will be linked to the Dubai World Trade Centre Authority (DWTCA).
Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022
Sheikh Mohammed bin Rashid emphasizes on Dubai becoming a key player in designing the future of virtual assets in the world. Noting that Dubai possesses all the capabilities that qualify it to be one of the most important global centres in the field of virtual assets, especially the advanced legislative environment, he said:
“Today, we are participating in designing the future of virtual assets globally. Dubai will provide the most advanced virtual asset ecosystem in terms of organisation, governance, and security.”
Citing the importance of the law, he said:
“Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector, a step that aims to help the sector to grow and protect investors.”
The Dubai Virtual Asset Regulatory Authority will be responsible for licensing and regulating the sector across Dubai Mainland and Free Zone territories. Also, as a part of the strategy of the Dubai Securities and Exchange Higher Committee.
The Law Creates Immediate Mandate for All Virtual Assets
Helal Saeed Al Marri, Director-General of DWTCA, said that the new law and establishing the Authority will enhance the UAE and Dubai’s position in the expanding virtual assets sector and attract leaders from all over the world.
Moreover, Dubai Virtual Asset Regulatory Authority will provide a full range of VA services in coordination with the Central Bank of the UAE and the Securities and Commodities Authority.
The law comes into force from the date of its publication in the Official Gazette, the competent body in the Emirate to regulate, supervise, and control virtual asset services.
The law also stipulates that the VARA is mandated with organising and setting the rules and controls that govern the conduct of VA activities. It also includes management services, clearing, and settlement services, in addition to classifying and specifying types of virtual assets.
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?