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Dubai Adopts First-Ever Law Governing Cryptocurrencies

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Dubai’s ruler announced the establishment of a regulatory and licensing authority in a bid to become a major player globally in digital assets.

Source: CoinDesk

BTC USD up +8.57%

Sheikh Mohammed bin Rashid Al Maktoum stated that the future belongs to whoever designs it.

Mohammed further noted that the passing of the virtual assets law will allow them to take part in the design of the rapidly growing global sector.

The independent authority will oversee the development of the best business environment across the world for virtual assets in relation to regulation, licensing, governance, and in line with domestic and global financial systems.

Dubai is one of the seven emirates that form the nation of the UAE. Abu Dhabi is another emirate that is also seeking to become a major crypto hub.

The independent authority of the UAE stated that it was close to the issuance of a regulatory framework related to digital assets.

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