The city of Dubai passes a law to regulate cryptocurrencies and establishes the Virtual Asset Regulatory Authority, with the aim of leading the future of this growing industry.
Dubai is becoming a very attractive city for participants and investors in the crypto industry. The ultra-modern and luxurious city of Dubai has been competing with other major jurisdictions to become the global hub of cryptocurrencies, y blockchain. This city has been adopting a friendly position towards Bitcoin and other crypto assets, authorizing, for example, trading in digital assets in its tax-free zones.
Now, the Prime Minister of the United Arab Emirates (UAE) and president of Dubai, Mohammed bin Rashid Al Maktoum, reported that the city has created a supervisory body dedicated to cryptocurrencies; an action that points the way towards crypto regulation and mass adoption.
Sheikh Mohammed said Dubai will be a key player in shaping the future of cryptocurrencies globally. The city has formed the Dubai Virtual Asset Regulatory Authority and passed a new law to establish itself as a leader in the crypto industry. From a strategic position, the city will create and lead a new regulatory approach to accelerate the development and responsible adoption of digital assets.
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Dubai, Bitcoin and cryptocurrencies
Dubai's new Virtual Asset Regulation Law will help the city form an adequate regulatory framework to boost the cryptocurrency industry, as a key fast-growing global sector. Through the Regulatory Authority and the virtual assets law, Dubai is taking important steps in its goal of being a global crypto capital.
The regulatory body will be in charge of issuing federal licenses to cryptocurrency service providers and promoting actions in line with local and global financial systems, reported the president of Dubai and the United Arab Emirates. The Dubai Virtual Asset Regulatory Authority will also be empowered to authorize the issuance and trading of new cryptocurrencies and Tokens, as well as to ensure compliance with anti-money laundering and manipulation regulations. exchanges and cryptocurrency platforms that want to provide their services in the city must register with the new body.
On his official website, Sheikh Mohammed said that the economy that the United Arab Emirates enjoys has been a product of “the wise vision of the country's leaders and the solid legislation”, which guarantee stability. In relation to cryptocurrencies, he pointed out that “The future belongs to whoever designs it”, highlighting the current importance of participating in the design of the new alternative financial system for crypto assets.
“Our step is a leap into the future aimed at developing this sector and protecting everyone”, wrote Sheikh Mohammed on his Twitter account.
In 2020, the city of Dubai launched the so-called “Dubai Blockchain Strategy” to explore the latest technological innovations in the crypto and blockchain industry. Through this strategy, promoted by Sheikh Mohammed, the authorities have been exploring the opportunities offered by cryptocurrencies to provide more fluid, secure and efficient services to their citizens and investors, as well as to develop new and innovative experiences and projects that drive value. and the attractiveness in the city.
Crypto Expo and World Blockchain Summit Dubai 2022
Next week, Dubai will host thousands of investors and crypto industry leaders to discuss the opportunities and future of cryptocurrencies, in what will be the first edition of the Crypto Expo Dubai. On March 16 and 17, event attendees will be able to enjoy different presentations, conferences and general content about the Crypto and Blockchain industry.
Also, from March 23 to 24, Dubai will host the 22nd edition of the World Blockchain Summit, an event organized to bring the potential of the Blockchain, Crypto, NFT, Metaverse and Web3 ecosystems to entrepreneurs, investors, governments, developers, crypto industry enthusiasts and global media.
The organizers of both events seek a common goal: to help interested parties safely explore the opportunities offered by cryptocurrencies.
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