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Sheikh Mohammed announces first-of-its-kind law for virtual assets

Dubai Virtual Asset Regulatory Authority to be established under Dubai World Trade Centre Authority

Published: Wed 9 Mar 2022, 4:13 PM

Updated: Wed 9 Mar 2022, 6:56 PM

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, approved a first-of-its-kind law to regulate virtual assets in Dubai.

An independent authority has also been established to oversee the regulation, licensing and governance of virtual assets, non-fungible tokens (NFTs), and cryptocurrencies.

The new authority, launched under the Dubai World Trade Center Authority, will safeguard personal data of users and monitor digital transactions.

Taking to Twitter, Sheikh Mohammed bin Rashid said the new step aims to "establish the world’s best business environment” in line with the global financial ecosystem.

“The future belongs to those who design it. Through the virtual assets law, we aspire to take part in shaping this new ever-evolving sector," he noted.

The law, he noted, seeks to advance the digital sector, and safeguard the rights of investors. “The future is more beautiful, inclusive and prosperous.”

The authority’s main responsibilities:

  • Regulating the issuance and release of virtual assets and NFTS
  • Regulating and licensing virtual assets service providers
  • Protecting personal data of users and beneficiaries
  • Regulating and monitoring the platforms offering cryptocurrencies and digital wallets
  • Monitoring digital transactions
  • Preventing the manipulation or modification of prices of virtual assets
  • Activities subject to permits and supervision
  • Virtual assets management and operation services
  • Exchange services of cryptocurrencies and virtual assets
  • Exchange services of one or more types of virtual assets
  • Transfer services of virtual assets
  • Storage or management services of virtual assets

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