Dubai Establishes New Crypto Laws

Sheikh Mohammed bin Rashid Al Maktoum, the ruler of the Emirate of Dubai and one of the world’s richest politicians, has extended the push to make the city the center of digital assets in western Asia.

Today, Sheikh Mohammed is the vice president and prime minster of the United Arab Emirates. Announcement the Dubai Virtual Asset Regulation Law, which is “aimed at creating an advanced legal framework to protect investors,” and designing “much-warranted international standards for virtual asset industry governance that will promote responsible business growth, under prudential regulations.”  

Moreover, Dubai Virtual Asset Regulatory Authority (DVRA) has been established. Established. This body will serve as the regulator and licensor of the crypto industry in Dubai Mainland and the other Free Zone territories. It will be working with the Central Bank of the United Arab Emirates and the Securities and Commodities Authority. 

The Dubai Virtual Asset Regulatory Authority (Dubai Virtual Asset Regulatory Authority) will oversee it will be necessary to approve the trading and issuance of virtual assets. Companies providing crypto services must also obtain its approval. Among other things, the new regulatory entity will also “monitor transactions and prevent virtual asset price manipulation.” 

Dubai has taken a proactive approach to crypto-assets over the years. Dubai International Financial Center is one example. Established the “Court of Blockchain” in 2018. The first Bitcoin Fund in the Middle East was launched last summer. began trading Nasdaq Dubai. Last December, the Dubai World  Trade Centre Authority struck a deal with Binance to help establish the country’s most populous city as the digital assets hub of the world. In February, a Bloomberg report Noted the United Arab Emirates’ plans to issue licenses for crypto service providers. 

Sheikh Mohammed might be seen largely as an ally to those in crypto, the High Court in London found him responsible for the abduction, imprisonment, torture, and intimidation campaigns in a fact-finding judgment last year—accusations made by his former wife, Princess Haya Bint Al-Hussain. The judgment found Sheikh Mohammed responsible for the abduction, imprisonment and sometimes torture of their daughters.

Sheikh Mohammed, however, emphasized the one-sided nature of the fact-finding that occurred, claiming that, as a head of state, he was “not able to participate in the court’s fact-finding process.”

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