In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has issued the Dubai Virtual Asset Regulation Law to protect investors and govern the virtual assets industry – a move that experts within the industry believe is both timely and necessary to spur growth with the virtual assets sector.
The authority will set the rules and controls that govern the conduct of virtual assets activities, including management, clearing, and settlement services, as well as classifying specifying types of virtual assets.
By creating an government-led authority and infrastructure to measure and facilitate the growth of virtual assets, the UAE is keeping itself ahead of most of the world.
Sharing her thoughts in an statement to Arabian Business, the founder of Jensen Matthews PR and Finsight News, Loredana Matei, said: “The significance of the new UAE digital assets law reflects the growth of this sector in the UAE and in the region.
“Even more so, the law comes on the same day as the new US Executive Order that sets the framework for cryptocurrencies. This signals that both the UAE and the US are becoming the leaders in the global adoption and regulation of digital assets.”
On Wednesday, US President Joe Biden also signed an executive order to push for government oversight of cryptocurrency.
The executive order will explore whether the US government can launch a US digital currency.
Federal agencies from the US Treasury to the Commerce Department will have to research a number of topics, including one led by Treasury on the future of money and payment systems, and another from the Justice Department on the role of law enforcement agencies in detecting, investigating, and prosecuting crypto-related criminal activity, Bloomberg reported.
Source: Arabian Business