The Virtual Assets Act has been passed by the Dubai authorities and a regulatory body has also been established. This was announced by the Vice President and Prime Minister of the Emirate Mohammed bin Rashid Al Maktoum.
Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022
He also added that the Dubai Virtual Assets Regulatory Authority will cooperate “with all relevant entities to ensure maximum transparency and security for investors.”
“The future is in the hands of those who design it. Today, through the Virtual Assets Act, we are committed to participating in the development of this new and rapidly growing global sector.” said sheikh.
According to information BloombergBitcoin exchange Binance is negotiating a license in the emirate.
Plans to become a virtual asset service provider in the Dubai World Trade Center (DWTC) Free Zone. Her financial powers approved cryptocurrency trading in September 2021.
The head of Binance for the Middle East and North Africa region, Richard Teng, has already reacted to the situation:
“We applaud this important achievement. We continue to work closely with DWTC to help Dubai build a progressive, world-class crypto regulatory environment.”
The media has previously reported purchase of real estate in the emirate by the head of the exchange, Changpeng Zhao and suggested the opening of the head office of the company there.
The message Dubai has adopted cryptocurrencies appeared first on Cryplogger.