On 9 March 2022, a Dubai-based regulatory authority in the UAE is set to oversee the growth of the business environment for virtual assets through regulations, governance, and licensing
Dubai: It’s time for crypto regulation
On Wednesday, 9 March 2022, Dubai joined the ranks of countries like the UK, US, El Salvador, Singapore, and more by introducing crypto-asset regulations. Sheikh Mohammed Bin Rashid, the ruler of Dubai, shared with the public that the Dubai emirate has enacted its first sets of laws created to help govern virtual assets. The new law was accompanied by the formation of an independent regulator tasked with regulating the Dubai cryptocurrency sector.
Whenever a country or jurisdiction introduces crypto-related regulations, it’s always news because countries worldwide are slow to introduce and enact crypto regulations. Dubai has grown to become one of the most important financial capitals worldwide, and when regulations are introduced in Dubai, the financial world pays attention.
During his announcement statement, Sheikh Mohammed Bin Rashid, the ruler of Dubai, shared the following; “Adopting the virtual assets law and establishing the Dubai Virtual Assets Regulatory Authority is an essential step that establishes the UAE’s position in this sector, a step that aims to help the sector grow and protect investors.”
Due to its popularity, it might seem like Dubai is a country, but it’s part of the United Arab Emirates, a federation of seven emirates with Abu Dhabi as its capital, while Dubai is, in more ways than one, its commercial center.
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