Sheikh Mohammed Approves Law to Regulate Virtual Assets

His Majesty Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has signed the world’s first law on virtual assets regulation. The regulation was enacted with the goal of making Dubai a prominent actor in shaping the future of virtual assets while also encouraging responsible economic growth. Sheikh Mohammed confirmed that Dubai will play a significant role in shaping the worldwide future of virtual assets: “Today, we are engaged in shaping the global future of virtual assets.” Sheikh Mohammed emphasized that Dubai possesses all of the qualities that make it one of the most important worldwide centres for virtual assets, particularly the advanced regulatory environment. اعتمدنا اليوم في دبي أول قانون من نوعه لتنظيم الأصول الافتراضية Virtual Assets .. وأسسنا سلطة مستقلة للإشراف على تطوير أفضل بيئة أعمال في العالم للأصول الافتراضية تنظيماً وترخيصاً وحوكمةً واتساقاً مع الأنظمة المالية المحلية والعالمية .. pic.twitter.com/tqYEJdeuwh — HH Sheikh Mohammed (@HHShkMohd) March 9, 2022 “In terms of organization, governance, and security,” he continued, “Dubai will deliver the most advanced virtual asset ecosystem.” “Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector… a step that aims to help the sector to grow and protect investors.” Dubai Virtual Assets Regula...