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Dubai adopts virtual asset law and sets up a regulator

Dubai adopts virtual asset law and sets up a regulator

The Digital Currencies Law regulates activity of all market participants, providing it a legal framework to protect investors. The Dubai Virtual Assets Regulatory Authority will ensure its compliance.

Why is it so important? 

  • The introduction of legal regulation will contribute to the stable development of the crypto industry in Dubai
  • This could cause global capital to be redirected to Dubai 

The UAE Vice-President and Prime Minister Mohammed bin Rashid Al Maktoum said on his Twitter that the regulator will cooperate with any interested organizations to ensure security and transparency.  

“The future belongs to those who design it. Today, our intention is to participate in the development of this new and fast-growing global sector with the help of the Virtual Assets Law... What we are doing is a leap into the future, towards the development of this sector and the protection of all the investors in it... While the future will be more glorious... inclusive... and better, by the grace of God.”

As a reminder, Binance crypto exchange signs agreement to establish a crypto hub in Dubai.

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