Amid discussions in several countries, including Brazil, over whether or not to regulate the crypto market, Dubai, in the United Arab Emirates, announced regulation of the sector as a way of making Dubai a major hub for digital assets. industry to make.
Dubai authorities have passed a law outlining a regulatory blueprint for virtual assets, as well as a regulatory body to oversee the crypto market.
The announcement was made by the vice president and prime minister of the emirate. Mohammed bin Rashid Al Maktoum, who also shared the news on his Twitter.
“Today we passed the Virtual Assets Act and established the Dubai Virtual Assets Regulatory Authority. A step towards establishing the position of the UAE as an important position in this sector. The authority will work with all related entities to ensure maximum transparency and security for investors.”
Today we passed the Virtual Assets Act and established the Dubai Virtual Assets Regulatory Authority. A step that defines the position of the UAE in this sector. The Authority will work with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022
Rashid’s main aim is to make Dubai more and more important in the development of the crypto market not only in the region but around the world.
“The future belongs to those who design it. Today, through the Virtual Assets Act, we are committed to participating in the development of this new and fast-growing global industry,” said Sheikh.
With this opening, Dubai kicks off an important regulatory experiment for the whole world to follow. As a result, many other regions can take the opportunity to see how Dubai’s regulations will benefit the crypto market or the traditional sector and serve as a model for other jurisdictions to follow.
According to Bloomberg, the regulatory approval in Dubai is already attracting the attention of some entities, with the world’s largest cryptocurrency exchange, Binance, negotiating a license to operate in Dubai.
The website states that the broker wants to offer business as a digital asset service provider in the free economic zone “Dubai World Trade Center” (DWTC).
Richard TengoBinance’s head of the Middle East and North Africa region, commented on the adoption of the virtual asset law, pointing out the importance of this update for the region’s crypto market.
“We applaud this important achievement. We will continue to work closely with the DWTC to help Dubai build a world-class forward-thinking regulatory environment for cryptocurrencies,” said Teng.
In doing so, it is important to observe how this regulatory environment will accommodate the crypto market and whether it will ultimately bring something positive for the industry.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
