Dubai Virtual Asset Regulatory Authority to be established under Dubai World Trade Centre Authority
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, approved a first-of-its-kind law to regulate virtual assets in Dubai. An independent authority has also been established to oversee the regulation, licensing and governance of virtual assets, non-fungible tokens (NFTs), and cryptocurrencies. The new authority, launched under the Dubai World Trade Center Authority, will safeguard personal data of users and monitor digital transactions.
Taking to Twitter, Sheikh Mohammed bin Rashid said the new step aims to “establish the world’s best business environment” in line with the global financial ecosystem.
“The future belongs to those who design it. Through the virtual assets law, we aspire to take part in shaping this new ever-evolving sector,” he noted.
The law, he noted, seeks to advance the digital sector, and safeguard the rights of investors. “The future is more beautiful, inclusive and prosperous.”