Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, announced on his official Twitter account that he had approved the virtual presence law. He also stated that the Dubai Virtual Assets Regulatory Authority (VARA) was established.
Sheikh Mohammed bin Rashid interpreted this development in his post as an important step in determining the position of the United Arab Emirates in the sector. The newly established Dubai Virtual Assets Regulatory Authority will focus on coordinated work with all relevant institutions to create a transparent and safe investment for investors.
Duties of Dubai Virtual Asset Regulatory Authority include organizing the issuance and trading of virtual assets and virtual tokens, organizing and licensing virtual asset service providers, ensuring the highest standards of protection for investors' personal data, monitoring transactions on virtual asset platforms and preventing price manipulation.
Sheikh Mohammed bin Rashid said in a statement that their aim is to have the United Arab Emirates and Dubai in a prominent position in the future of virtual assets globally.
The United Arab Emirates has been attracting attention with its proactive approach in the crypto space lately. The UAE continues its moderate approach to cryptocurrencies while also making significant strides in the adoption of blockchain technology. This also helps the growth of cryptocurrency trade in UAE-affiliated countries.
With the new law focused on protecting investors from possible risks, the United Arab Emirates is expected to become an important crypto center in the coming periods.