Dubai Adopts Digital Asset Law, Establishes Independent Regulator

Dubai, one of the seven United Arab Emirates, has taken a major step in the digital asset space by bringing its first law to regulate virtual assets and establishing a regulatory authority for this sector.

Announced on Wednesday by Dubai’s ruler Sheikh Mohammed Bin Rashid, the new regulator, the Dubai Virtual Assets Regulatory Authority, will oversee all virtual assets like Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and non-fungible tokens (NFTs) in the emirate. It has been formed under the Dubai Virtual Asset Regulation Law, which is aimed to create an advanced legal framework around virtual assets.

“We established an independent authority to oversee the development of the best business environment in the world for the virtual assets in terms of regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, licensing, governance and in line with local and global financial systems,” Bin Rashid stated.

“The future belongs to whoever designs it… and today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”

Full Authority over the Digital Asset Industry

The new regulator will be responsible for licensing digital asset companies with legal and financial autonomy over the digital asset industry. In addition, it will be linked to the Dubai World Trade Centre Authority (DWTCA).

Its jurisdictions will be across the emirate, including special development zones and free zones. But, it will not have any authority on the firms in the Dubai International Financial Centre (DIFC). The Dubai Financial Services Authority (DFSA), which regulates all the companies in the DIFC, is preparing its own regulations for the virtual asset sector.

“The Dubai Virtual Asset Regulatory Authority will provide a full range of VA [virtual asset] services in coordination with the Central Bank of the UAE and the Securities and Commodities Authority,” DWTCA’s Director-General, Helal Al Marri told the local media.

“The… initiative will allow virtual asset management, the exchange of cryptocurrencies and will prevent manipulation of virtual asset prices.”