His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced in a Twitter post that he has accepted the virtual Assets law and set up the Dubai Virtual Assets Regulatory Authority (VARA).
Sheikh Mohammed bin Rashid tweeted that this was a move that would strengthen the UAE’s position in this space. He says the Authority will work with all relevant entities to guarantee maximum transparency and security for investors.
As pointed out in his post, the duties of the Dubai Virtual Asset Regulatory authority are: Arranging the issuance and trading of virtual assets and virtual tokens; regulating and licensing virtual asset service providers; guaranteeing the best standards of protection for personal data of collectors; organizing the operation of VA platforms and portfolios, and also monitoring transactions and stop VA price manipulation.
The activities covered by VARA authorization include: functioning and handling virtual assets platforms: exchange services between virtual assets and currencies; exchange services among one or more patterns of virtual assets; virtual asset transfer services; virtual asset maintenance and management services; plus virtual asset management services.
Sheikh Muhammad bin Rashid stated:
The goal: “Create the position of the UAE and Dubai as a key player in designing the future of virtual assets worldwide”.
The response to this tweet was positive, and one user commented “Amazing”. Another step forward by Dubai” and another saying, “Wow, only a dream leader can make such a bold decision.”
The UAE has always been a leader in the crypto space. This was in the early stages of the adoption of blockchain tech and cryptocurrency, and this helped the growth of the country’s crypto community. Hence, creating a progressive legal framework to save investors is a smart and kind decision.
