The Sheikh Signed The Digital Assets Law And Created the Dubai Virual Assets Regulatory Authority

2022-03-10 01:29:41

The United Arab Emirates (UAE) became the first country in the Middle East to both officially and legally recognize virtual assets. In particular, the ruler of Dubai, Mohammed bin Rashid Al Maktoum, signed the new ‘virtual assets law’, thus creating the country’s first independent regulator for monitoring digital assets, the Dubai Virtual Assets Regulatory Authority.

According to Mohammed bin Rashid Al Maktoum, ‘the future belongs to whoever designs it. Moreover, the Sheikh also stated that in order to achieve this, it is essential to make ‘a leap towards the future aimed at developing this sector and protecting investors in it.’

According to the official tweet by Sheikh Mohammed bin Rashid Al Maktoum, the Dubai Virtual Assets Regulatory Authority will have the task to ‘organize the insurance of trading’ both virtual tokens and virtual assets, with the authority to approve ‘virtual assets service providers’ with total independence.

Moreover, the Dubai crypto regulator will also be responsible for observing transactions, preventing manipulation of price and the organization of the ‘operation’ of all digital asset platforms in the country.

Furthermore, the new ‘virtual assets law’ of Dubai will apply to entities that indulge in crypto activities such as crypto to crypto to fiat exchanges, crypto exchanges, crypto payment providers and ‘operating and managing’ digital asset platforms.

It is no secret that Dubai is quite familiar with crypto. In fact, last December, Dubai partnered with Binance with the goal to make the Dubai World Trade Centre the country’s first-ever crypto establishment. The idea was to use this project and gradually introduce the idea of full-scale crypto adoption.

At the moment, Dubai is one of the leading countries in the world when it comes to overall NFT activity. Consequently, this turned Dubai into one of the hottest destinations for a plethora of non-fungible token projects and ventures. This is why establishing the Dubai Virtual Assets Regulatory Authority seems like it was only a matter of time.

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