Dubai passes first crypto law; sets up watchdog for virtual assets

cnbctv18.com:

The Emirate of Dubai has adopted its first crypto law and formed a regulatory body for virtual assets. This, as the emirate tries to position itself as a world leader in terms of emerging technologies like cryptocurrency and blockchain.

The emirate within the United Arab Emirates (UAE) has set up the Dubai Virtual Assets Regulatory Authority, which will be working with all related entities to promote security and transparency for crypto investors.Also read: A bird's eye view of Dubai Expo 2020 from 'Garden in the Sky' towerThe announcement was made by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of the Emirate of Dubai as well as the Vice President, Prime Minister and Minister of Defence of the United Arab Emirates.Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector.

The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022“The goal Role of regulatory body VARAThe Dubai Virtual Assets Regulatory Authority or VARA will be tasked with regulating the sale of virtual assets and virtual tokens while also being responsible for regulation and authorising virtual asset service providers.Also read: All you need to know about US Prez Joe Biden’s crypto executive orderIn addition to these responsibilities, the VARA will also be ensuring that the data of investors remains secure and safe in the hands of virtual asset service providers.