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Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE) on Wednesday issued the Dubai Virtual Asset Regulation Law.
The new regulation aims to develop an advanced legal framework for investor protection to allow the virtual asset (VA) industry to grow responsible complying with international standards.
Provisions of the law include special development zones and free zones and the establishment of a Dubai Virtual Asset Regulatory Authority (VARA). The VARA holds legal financial autonomy and will be linked to the Dubai World Trade Centre Authority (DWTCA).
The regulation is another step in Dubai becoming a key player in designing the future of virtual assets in the world. The Prime Minister said:
“Today, we are participating in designing the future of virtual assets globally. Dubai will provide the most advanced virtual asset ecosystem in terms of organisation, governance, and security.”
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He added:
“Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector, a step that aims to help the sector to grow and protect investors.”
The Dubai Virtual Asset Regulatory Authority will take on the responsibility of licensing and regulating the entire sector across Dubai Mainland and its Free Zone territories.