Big Step from Dubai! Good News for Bitcoin and Altcoins!

0

Sheikh Mohammed Bin Rashid, ruler of the Emirate of Dubai, gave the good news in a statement on Wednesday. The Emirate of Dubai passed its first law on virtual assets and created a regulatory body to oversee the industry. Aiming to be the center of new technologies, Dubai also takes a very moderate approach to cryptocurrencies.

Cryptocurrency Step from Dubai

The United Arab Emirates, a federation of seven emirates and the region’s financial capital, is trying to develop virtual asset regulation to generate new business models as regional economic competition heats up. Virtual assets generally cover products including cryptocurrencies and NFTs, but the announcement did not specify which assets would fall under the new law.

Sheikh Mohammed said in a statement by state media that the Dubai Virtual Asset Regulatory Act aims to position Dubai and the UAE as a regional and global hub for the virtual assets sector.

Dubai Virtual Assets Regulatory Authority

The institution will be tasked with regulating, licensing and overseeing the development of the business environment for virtual assets. The new law will apply to all of Dubai, with the exception of the state-owned fiscal free zone DIFC. DIFC’s regulator, Dubai Financial Services Authority (DFSA), is working on its own regulation for the virtual asset sector.

In October, the DFSA published the first chapter governing digital tokens, and this week launched a consultation on regulation for crypto tokens, which includes cryptocurrencies. The UAE’s Securities and Commodities Authority (SCA) said on Tuesday that the UAE as a whole is close to issuing virtual asset investment regulation.

Sheikh Mohammed said:

“The future belongs to those who designed it… and today, through the law of virtual assets, we seek to participate in building this new and rapidly growing global industry. Today we passed the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. It is a step that determines the UAE’s position in this sector. We threw. Virtual assets will include crypto assets such as Bitcoin and NFTs. The institution will cooperate with all relevant organizations to ensure maximum transparency and security for investors”.

We hope that our country will take positive steps in this direction and take its place in the construction of the digital world before it is too late.