Dubai has set up a virtual asset regulator to develop the cryptocurrency sector

Earlier today, the leader of Dubai signed a "law on virtual assets", creating an independent body to oversee the cryptocurrency sector. The law is considered to establish the regulatory position of the United Arab Emirates (UAE) in the industry.

According to his announcement the government "organizes the issuance and trade" of virtual assets and virtual tokens, while independently authorizing "virtual asset service providers."


It will also organize the "functioning" of virtual asset platforms and portfolios while tracking transactions and preventing price manipulation.


Earlier, Dubai switched to cryptocurrency regulation in December, when Binance merged with the Dubai World Trade Center to make it a comprehensive crypto zone to accelerate industry penetration.


Crypto is already seeing some significant activity in the region. NFT's activity in Dubai is now twice the global average, and the city is home to many NFT-related projects.


Since last month, Dubai has also been home to Dogecoin burgers, where people can pay for food with cryptocurrency.

"The future belongs to those who design it, said UAE Prime Minister and Dubai Sheikh Mohammed bin Rashid Al Maktoum. "Our step is a leap into the future, aimed at developing this sector and protecting all investors in it."

Entities covered by the Virtual Assets Act include the "operation and management" of virtual asset platforms, cryptocurrency exchanges for cryptocurrencies, cryptocurrency exchanges for fiat, and cryptocurrency payment providers. These are usually the goals of regulation in a "decentralized" world, as evidenced by the regulation around the Russia-Ukraine conflict.


Both the UAE and the United States are ready for clearer regulatory standards in the crypto industry after President Biden signed an order on cryptocurrency today.



After US President Joe Biden signed a decree on the government's position on cryptocurrencies, Republican Sen. Cynthia Lammis of the Republic of Wyoming announced that she was preparing a new bill that would integrate digital assets into the financial system.