A major step for crypto’s ecosystem in Dubai has just been taken. The emirate will be introducing its very first crypto regulatory law that would be in charge of regulating crypto assets.
Formed under the Dubai Virtual Asset Regulation Law, the new regulator dubbed Dubai Virtual Assets Regulatory Authority will be in charge of the oversight of all crypto assets as well as NFTs in the emirate. The news was officially announced on Wednesday by the ruler of Dubai, Sheikh Mohammed Bin Rashid.
The ruler commented that “The future belongs to whoever designs it… and today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”, officially confirming a pro-crypto stance taken by the emirate.
The new overseer will be directly liked to the Dubai World Trade Centre Authority (DWTCA). The Dubai Virtual Asset Regulation Law will be functioning in accordance with the Central Bank of the United Arab Emirate and the Securities and Commodities Authority, revealed the DWTCA’s Director-General, Helal Al Marri.
The legal framework will cover only the Dubai emirate, including special and free zones. However, the new law will not have power in the Dubai International Financial Centre (DIFC), which is actually on the way to preparing its own virtual currency regulator.
Source
I think the only surprising thing here is that it took them this long to establish such a regulator, considering what a major finance hub Dubai is.
Formed under the Dubai Virtual Asset Regulation Law, the new regulator dubbed Dubai Virtual Assets Regulatory Authority will be in charge of the oversight of all crypto assets as well as NFTs in the emirate. The news was officially announced on Wednesday by the ruler of Dubai, Sheikh Mohammed Bin Rashid.
The ruler commented that “The future belongs to whoever designs it… and today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”, officially confirming a pro-crypto stance taken by the emirate.
The new overseer will be directly liked to the Dubai World Trade Centre Authority (DWTCA). The Dubai Virtual Asset Regulation Law will be functioning in accordance with the Central Bank of the United Arab Emirate and the Securities and Commodities Authority, revealed the DWTCA’s Director-General, Helal Al Marri.
The legal framework will cover only the Dubai emirate, including special and free zones. However, the new law will not have power in the Dubai International Financial Centre (DIFC), which is actually on the way to preparing its own virtual currency regulator.
Source
I think the only surprising thing here is that it took them this long to establish such a regulator, considering what a major finance hub Dubai is.