Dubai’s Shaikh embraced a new virtual asset law and created a new virtual asset regulatory authority. Because this step will help to deal with digital assets in more of a legal systematic way.
On March.9 Dubai Shaikh Mohammed Bin Rashid Al Maktoum, the prime minister and ruler of the United Arab Emirates declared a new virtual asset or crypto law. And confirmed a new virtual asset regulatory Authority or VARA.
Further, the ruler, Shaikh announced that he had embraced a crypto law that creates a legal framework for digital currencies in Dubai.
Also, another aim of this new crypto law is to secure investors, and “designing much warranted international standards” for crypto industry regulation.
Additionally the ruler of Dubai, Shaikh said that the Dubai Virtual Assets Regulatory Authority or VARA would give the enforcement authority in the Emirates special development, and free area, but not including the Dubai International Financial Centre.
Moreover, the Dubai’ Shaikh embraced a new virtual asset law and establish a virtual asset regulatory Authority to elevate the UAE’s position in the crypto sector.
Now after Dubai new crypto law. The residents of Dubai have to enroll them into the VARA before involving in any sort of crypto related activities. As well, the businesses that are dealing with crypto currency necessarily have to establish a presence in Dubai.
Also, these crypto activities include running cryptocurrency exchanges, cryptocurrency transfers, and all other services that are related to offering and trading of the digital tokens.
However, this is not a new initiative in favor of cryptocurrency that Dubai authorities have taken . As Back in 2021, the Dubai World Trade Centre was modified into a new hub for digital currency and regulator for digital assets. And this crypto centered project was officially supported by the official authorities of Dubai.
Moreover, the statement has not made any clarity about which cryptocurrency would be countable under this new crypto law. But VARA would categorize and specify the kinds of virtual assets along with managing the rules and controls.
Final Thoughts:
Dubai’s Shaikh embraced a new virtual asset law and Virtual Asset Regulatory Authority. As this new law will help manage digital currency in more of a legal framework in Dubai . As well this new initiative will help Dubai to elevate its position in the crypto industry.
However, all the crypto activities will be controlled and set under the Virtual asset regulatory authority or VARA of Dubai. Aside from it, this new legal framework would secure the businesses and natives of Dubai from many kinds of the threat actors’ attacks.
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