According to a tweet from Vice President and Prime Minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, he has approved the virtual assets law and formed the Dubai Virtual Assets Regulatory Authority (VARA).
Sheikh Mohammed bin Rashid mentioned in his tweet that this is an important step in establishing the UAE’s position in the industry. The Authority will work closely with all connected bodies to ensure the highest level of transparency and security for investors, Sheikh Mohammed bin Rashid says.
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. pic.twitter.com/LuNtuIW8FM
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022
He talks about how the organization organizes and authorizes virtual asset service providers, how it ensures the highest level of data protection for beneficiaries, how it organizes virtual asset platforms and portfolios, how it monitors transactions, and how it prevents the manipulation of virtual asset prices.
Operations and management of virtual asset platforms, currency exchange services, and the facilitation of virtual asset transfers are some of the activities that require a VARA license. These activities include virtual asset custody and management services as well as management services.
The United Arab Emirates has always been considered a leader in the cryptocurrency business. Having adopted blockchain technology and cryptocurrencies early on, the country has contributed to the expansion of the nation’s cryptocurrency community. As a result, the choice to establish a sophisticated legal structure to safeguard investors is regarded as a wise and well-intentioned one.
Highlights
- The Prime Minister of the United Arab Emirates has given his approval to a new crypto-regulation bill.
- This law will govern the use of cryptocurrencies and non-fiat currencies in the country.
- Users on Twitter expressed their delight at the news.
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