Dubai regulates cryptocurrencies to direct their development and adoption

The city of Dubai passes a law to regulate cryptocurrencies and creates the Virtual Assets Regulatory Authority, with the aim of directing the future of this growing industry.

Dubai is becoming a very attractive city for crypto industry participants and investors. The ultra-modern and luxurious city of Dubai is competing with other major jurisdictions to become the global hub of cryptocurrencies Yes block chain. This town has taken a friendly stance towards Bitcoin and other crypto assets, allowing, for example, the trading of digital assets in their free zones.

Now, the Prime Minister of the United Arab Emirates (UAE) and President of Dubai, Mohammed bin Rashid Al Maktoum, has announced that the city has created a watchdog dedicated to cryptocurrencies; an action with which he is leading the way towards crypto regulation and mass adoption.

Sheikh Mohammed said Dubai will be a key player in shaping the future of cryptocurrencies globally. The city created the Dubai Virtual Assets Regulatory Authority and passed a new law to establish itself as a leader in the crypto industry. From a vantage point, the city will create and lead a new regulatory approach to accelerate the development and responsible adoption of digital assets.

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Dubai, Bitcoin and cryptocurrencies

Dubai’s new Virtual Assets Regulation Act will help the city put in place an appropriate regulatory framework to boost the cryptocurrency industry, as a key fast-growing global sector. Thanks to the Regulatory Authority and the Virtual Assets Act, Dubai is taking important steps towards its goal of being a global crypto capital.

The regulator will be responsible for issuing federal licenses to cryptocurrency service providers and promoting actions in line with local and global financial systems, the President of Dubai and the United Arab Emirates reported. The Dubai Virtual Assets Regulatory Authority will also be empowered to authorize the issuance and trading of new cryptocurrencies and tokens, as well as to ensure compliance with regulations against money laundering and manipulation. The Exchanges and cryptocurrency platforms wishing to provide their services in the city must register with the new body.

On his official website, Sheikh Mohammed said that the economy enjoyed by the UAE is the product of “the wise vision of the country’s leaders and the solid legislation”, which guarantee stability. Regarding cryptocurrencies, he pointed out that “The future belongs to whoever designs it”highlighting the current importance of participating in the design of the new alternative financial system for crypto-assets.

“Our approach is a leap into the future aimed at developing this sector and protecting everyone”, wrote Sheikh Mohammed on his Twitter account.

The city of Dubai launched in 2020 the so-called “Dubai Blockchain Strategyto explore the latest technological innovations in the crypto and blockchain industry. Through this strategy, promoted by Sheikh Mohammed, the authorities have explored the opportunities offered by cryptocurrencies to provide more fluid, secure and efficient services to their citizens and investors, as well as to develop new and innovative experiences and projects. which increase the value and attractiveness of the city.

Crypto Expo and World Blockchain Summit Dubai 2022

Next week, Dubai will host thousands of investors and crypto industry leaders to discuss the opportunities and future of cryptocurrencies, in what will be the first edition of the Crypto Expo Dubai. On March 16 and 17, attendees of the event will be able to enjoy different presentations, conferences and content in general about the Crypto and Blockchain industry.

Also, from March 23 to 24, Dubai will host the 22nd edition of the Global Blockchain Summitan event organized to bring the potential of Blockchain, Crypto, NFT, Metaverse and Web3 ecosystems closer to entrepreneurs, investors, governments, developers, crypto industry enthusiasts and global media.

The organizers of both events pursue a common goal: to help interested parties safely explore the opportunities offered by cryptocurrencies.

Continue reading: ICICB Financial Group bolsters Dubai’s leadership in crypto

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