Dubai Adopts Crypto Law

Share Us

614
Dubai Adopts Crypto Law
11 Mar 2022
6 min read

News Synopsis

On March 9th, Dubai adopted the country’s first crypto law. Dubai has been a popular location for cryptocurrency and web 3.0 around the globe. This law will regulate the transactions of cryptocurrencies and digital assets like Non Fungible Token (NFT). Sheikh Mohammed Bin Rashid Al Maktoum, the prime minister of the United Arab Emirates (UAE) also confirmed this by tweeting on the micro blogging platform. Maktoum in his tweet said: “Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors.” According to this new rule, Dubai will establish a Dubai Virtual Assets Regulatory Authority (VARA). These digital assets will be regulated by VARA. VARA will be an independent entity under the Dubai World Trade Centre Authority. Recently Dubai has emerged as a popular hub for Web 3.0 community. Earlier,  the Dubai Media Office said that the Dubai World Trade Centre would officially become a crypto zone in the month of December, last year. 

TWN In-Focus