Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum recently made a key announcement regarding the city’s crypto initiative. According to the UAE vice president and Prime Minister, Dubai intends to establish a regulatory and licensing authority. The Emirate of Dubai, one of seven in the UAE, has also adopted its initial crypto law.
In a tweet that underscored Dubai’s quest to become a major player across the world in digital assets, Sheikh Mohammed state:
“Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors.”
In addition, the Sheikh said:
“The future belongs to whoever designs it. Today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”
According to Sheikh Mohammed, the Dubai Virtual Assets Regulatory Authority is responsible for structuring a business environment that fosters crypto growth. Furthermore, the newly-established regulatory agency will consider crypto regulation, licensing, and governance in the cause of its development. It will also ensure that this aligns with local and global financial systems.
Meanwhile, the UAE Securities and Commodities Authority issued a statement yesterday concerning the issuance of a crypto regulatory framework.
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