Connect with us

Hi, what are you looking for?

Finance

Dubai adopts first virtual asset law establishing regulator to oversee growing sector

The emirate of Dubai has adopted its first law governing virtual assets and established a regulator to oversee the sector, its ruler Sheikh Mohammed Bin Rashid said on Wednesday.

The United Arab Emirates, a federation of seven emirates and the region’s financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up.

Virtual assets generally encompass products including crypto currencies and NFTs, but the announcement did not specify which assets would come under the new law.

The Dubai Virtual Asset Regulation Law aims to position Dubai and the UAE as a regional and global destination for the virtual assets sector, Sheikh Mohammed said in a statement carried by state media.

The Dubai Virtual Assets Regulatory Authority will oversee the development of the business environment for virtual assets in terms of regulation, licensing and governance, he said.

The new law will apply throughout Dubai except for the state-owned financial free zone DIFC. DIFC’s regulator, the Dubai Financial Services Authority (DFSA), is working on its own regulation for the virtual asset sector.

In October, DFSA released the first part which governs digital tokens, and this week launched a consultation on regulation for crypto tokens, which includes crypto currencies.

The UAE as a whole is getting closer to issuing virtual asset investment regulation, the UAE’s Securities and Commodities Authority (SCA) said on Tuesday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock Markets

YORDENIS Ugas celebrates with his team after defeating Manny Pacquiao in a world welterweight championship bout at T-Mobile Arena. — REUTERS By Michael Angelo...

Finance

Students at any level in their college life find the use of assignment writing services for professional assignment help important. Daily, students in...

Stock Markets

CSC.GOV.PH The Office of the Ombudsman is open to revising a circular that restricts public access to the net worth statements of government officials,...

Stock Markets

2021 has been a year of changes for Bea Alonzo, and it has also been a year of growth. People not only saw her...

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Captain Of Success. All Rights Reserved.