- An advanced legal law has been approved by Sheikh Mohammed in order to protect the investors.
- The Prime Minister and Vice President of the UAE have approved the law to regulate virtual assets in the UAE.
- An authority under the Dubai World Trade Center will be looking over the new regulation.
An advanced law to protect crypto investors has been presented by Dubai Virtual Asset Regulation Law. Prime Minister of UAE, Vice President, Ruler of Dubai, and Sheikh Mohammed bin Rashid Al Maktoum have approved of a law that’s the first of its kind. The law is to regulates virtual assets and earnings in Dubai.
They have presented a new and advanced law that will protect the crypto investors and will increase the business growth within VA that will implement really high standards internationally.
The independent authority in Dubai, which is founded under Dubai World Trade Center will be the one to look after the regulation. This authority will also be the one to license the cryptocurrencies, virtual assets, as well as NFTs.
Sheikh Mohammed uploaded on Twitter that they have approved of the virtual asset (VA) law, establishing it in Dubai. He further said that the future is for those who work in designing it. And through the VA law, their goal is to contribute to shaping the future.
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
He stated that Dubai is capable of becoming one of the world’s most important fields of VA. Dubai will also be providing a developed and advanced VA environment with respect to security, governance, and organization.
Sheikh Momadded stated that this is a crucial step that they are taking in order to move to a digital world and protect the rights of the crypto and digital investors. This will apply to free zones and special development zones. The only exception will be Dubai International Financial Center.
The Dubai Virtual Asset Regulatory Authority (VARA) will continue to monitor the transactions in the digital world and protect the personal data of the customers. They will also be responsible for regulating as well as licensing the areas all across Free Zone territories as well as Dubai Mainland.