Dubai Passes Law of Crypto Regulation

Dubai Vice President and Prime Minister Mohammed bin Rashid Al Maktoum said that the emirate’s authorities passed a law on the regulation of virtual assets and established a relevant regulatory body.

According to him, a specially created body is called the Dubai Virtual Assets Regulatory Authority. It will have to cooperate with all organizations related to virtual assets to ensure maximum transparency and security for investors.

The Sheikh added that with this move, the UAE is taking a step towards the world of the future and through the Virtual Assets Act, Dubai will be part of the development of this new and rapidly growing global sector.

Earlier, the government of the United Arab Emirates (UAE) announced its plans to issue the first national licences to virtual asset service providers (VASPs) by the end of the first quarter of 2022.

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