Dubai introduces new crypto law

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Consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis.” byline=”staff reporter” caption=”Sheikh Mohammed bin Rashid Al Maktoum approved the first Dubai Virtual Asset Regulation Law” credits=”ARCHIVED”]

Dubai implements first law for virtual asset regulation

 

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the Dubai Virtual Asset Regulation Law to regulate crypto assets.

Sheikh Mohammed announced on Wednesday (March 9) that the emirate has enacted its first law regulating crypto assets and has established a regulatory authority to oversee the cryptocurrency sector.

The law aims to protect investors through an advanced legal framework and promote responsible virtual asset (VA) industry governance through proper regulations and international standards.

“Dubai will provide the most advanced virtual asset ecosystem in terms of organization, governance, and security,” said Sheikh Al Maktoum.

The law covers the entire Dubai mainland, including special development zones and free zones, except for the Dubai International Financial Centre. The announcement did not immediately specify which crypto assets would be included by the new rule.

Dubai has also established the independent authority Virtual Asset Regulatory Authority (VARA) to oversee the growth of the virtual asset business environment in terms of regulation, supervision, and control of virtual asset services.

The law now prohibits any engagement or establishment of VA activities and business without the VARA authorization.

Under the new law, Dubai residents would be required to register with VARA before engaging in crypto-related activities. Virtual asset-related businesses would also need to register. These businesses include cryptocurrency exchanges, businesses facilitating cryptocurrency transfers and others.

The new law will apply throughout Dubai, with the exception of the government-owned DIFC financial free zone. The Dubai Financial Services Authority (DFSA), the DIFC’s regulator, is developing its own regulations for the virtual asset market.

The VARA can provide authorization to any VA-related services and platforms and can implement measures for violators, such as suspension and cancellation of permits and licenses. KSO/Expat Media


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