Dubai enacts crypto law creating independent supervisory authority

The news was announced via Twitter by the Prime Minister of the United Arab Emirates and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.

Precisely today when the world of cryptocurrencies is pending on the Executive Order of US President Joe Biden, from another part of the world, in Dubai, the super modern city of the United Arab Emirates, there is great news about crypto legislation to initially create a authority governing cryptocurrencies.

Sheikh Mohammed bin Rashid Al Maktoum, who is also Defense Minister, Prime Minister and Vice President of the United Arab Emirates, as well as President of the Emirate of Dubai, made the announcement on Twitter:

“The future belongs to whoever designs it. Today, through virtual asset law, we seek to participate in the design of this rapidly growing new global sector. Our step is a leap into the future aimed at developing this sector and protecting all investors in it… And the future is more beautiful… complete… and better, God willing.”

In another tweet, he also says:
“Today in Dubai, we adopted the first law of its kind to regulate virtual assets. We established an independent authority to oversee the development of the world’s best business environment for virtual assets in terms of regulation, licensing, governance and online. with local and global financial systems.”

Also, and already in English, he tweeted more information about the legislation:
Today we passed the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the position of the UAE in this sector. The Authority will cooperate with all related entities to guarantee maximum transparency and security for investors.
The Emirate of Dubai is one of the seven emirates that make up the nation of the United Arab Emirates (UAE). Another emirate, Abu Dhabi, has also been aggressive in its goal of becoming a crypto hub.
The United Arab Emirates Securities and Commodities Authority released a statement yesterday saying it was getting closer to issuing a regulatory framework related to digital assets.

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