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Dubai introduces New Law and Separate Regulator for Cryptos and NFTs

Dubai Virtual Asset Regulatory Authority On Wednesday 9th of March, Dubai's ruler HH Sheikh Mohammed Bin Rashid al Maktoum announced that the Emirate of Dubai has enacted its first law governing virtual assets and has also formed an independent regulator to regulate the cryptocurrency sector named Dubai Virtual Asset Regulatory Authority. The Task of Dubai's Virtual Asset Regulatory Authority are the following:

  • Organising issuing and trading of virtual assets and virtual tokens

  • Organising and authorising virtual asset service providers

  • Ensure highest standards of protection for beneficiaries personal data

  • Organising the operation of Virtual Asset Platforms and portfolios

  • Monitor transaction and Prevent Virtual Asset price manipulation

The law defines the activities subject to Dubai Virtual Asset Regulatory Authority authorisation as follows:

  • Operating and managing virtual assets platforms services

  • Exchange services between virtual assets and currencies, whether national or foreign

  • Exchange services between one or more forms of virtual assets

  • Virtual asset transfer services

  • Virtual asset custody and management services

  • Services related to the virtual asset portfolio

  • Services related to the offering and trading of virtual tokens

If you have an interest in the subject & would like to find out more, please contact us.

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