HH Sheikh Mohammed Just Announced A First-Of-Its-Kind Law To Regulate Virtual Assets In Dubai
The virtual assets world is expanding big time! It’s about investing in cryptocurrencies and non-fungible tokens (NFTs).
And that’s why HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a first-of-its-kind virtual assets law
The Dubai Virtual Assets Regulatory Authority has also launched to regulate all virtual assets.
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 new Authority, launched under the Dubai World Trade Center Authority, will cooperate with all related entities to ensure maximum transparency and security for investors. It will oversee the regulation, licensing and governance of virtual assets, non-fungible tokens (NFTs), and cryptocurrencies. It will also safeguard the personal data of users and monitor digital transactions.
The authority will be responsible for:
•Organizing issuing and trading of virtual assets and virtual tokens.
• Organizing and Authorizing virtual asset service providers,
•Ensure highest standards of protection for beneficiaries’ personal data,
•Organizing the operation of VA platforms and portfolios.
•Monitor transactions and prevent VA price manipulation.
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