Sheikh Mohammed bin Rashid Al Maktoum has issued the Dubai Virtual Asset Regulation Law. Its aim is to create an extensive legal framework to protect investors and to plan international standards for the management of the virtual asset industry. All this is to enable responsible business development within the framework of prudential regulation.
The new regulations apply throughout the Emirates, in both special development zones and free zones (business zones in the Emirates are divided into special and free zones. Free zones are those where businesses are exempt from all taxes and owners have 100% power over their businesses), where Dubai Virtual Asset Regulatory Authority, or regulators, will be established. These authorities will have legal personality, financial autonomy and a link to the Dubai World Trade Centre Authority. The only exception to the new law is the Dubai International Financial Centre.
Mohammed bin Rashid said:
“The goal is to position the Emirate and Dubai as a major player in creating the future of virtual assets globally. Dubai will provide the most advanced virtual asset ecosystem in terms of organisation, management and security.”
The regulators will be responsible for licensing and regulating the virtual asset sector in Dubai Mainland and Free Zones. It is also part of the Higher Commission of Dubai Securities and Exchange’s strategy.
Dubai World Trade Centre Authority director general Helal Saeed Al Marri said the new law will strengthen the Emirate and Dubai’s position in the growing virtual asset sector and attract leaders from around the world. In addition, the virtual asset regulators will provide their services in coordination with the UAE Central Bank as well as the Securities and Commodities Authority.
The law comes into effect from the date of its publication in the Official Gazette, which is the relevant authority in the Emirates to regulate, supervise and control services dealing with virtual assets. As the law says, regulators are empowered to organise, set rules and controls that govern the conduct of all activities with virtual assets. It also covers services for managing, clearing, settling and classifying and defining types of virtual assets.
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11/03/2022 Mr.Advice TEAM