Dubai has adopted first crypto law
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Dubai adopted its first crypto law
Dubai has adopted the first cryptocurrency law. They have also formed a regulatory body for virtual assets.
What is cryptocurrency?
Cryptocurrency is digital asset that allow for secured online payments.
The Dubai Emirate has set up Dubai Virtual Assets Regulatory Authority(VARA). It will help in promoting the security of cryptocurrency investors.
Role of Virtual Assets Regulatory Authority(VARA)
Virtual Assets Regulatory Authority will regulate the sale of virtual assets and tokens. They will also help in authorising the service providers as well.
VARA will also ensure that the investor data remains safe. It will also be linked to the Dubai World Trade Centre Authority (DWTCA).
Cryptocurrency(Crypto) Law
The crypto law will help in making online payments secure. It will enable the trading of cryptocurrencies like Bitcoin in Dubai. The Dubai Financial Services Authority (DFSA) will help in regulating cryptocurrencies in the future. It will go into effect across Dubai except for Dubai International Financial Centre(DIFC).
Dubai residents will need to register with VARA in order to engage in crypto-related activities under the crypto law. Virtual assets businesses like cryptocurrency exchange and transfers would also require to register.
The announcement of the Crypto law was announced by the ruler of Dubai “Sheikh Mohammed Bin Rashid”. He said that adopting the new crypto law is an important step to help investors to grow and keep them protected.
Until we get further details, stay tuned with us for more amazing news.
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