Dubai adopts cryptocurrency regulation and establishes a regulatory authority

Dubai authorities passed the virtual assets law and established a regulatory authority. This was announced by the emirate’s vice president and prime minister, 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

\n\n\n\n

According to Bloomberg, the world’s largest cryptocurrency exchange by market cap, Binance is in talks for a license to operate in the emirate.

\n\n\n\n

The activity concerns providing virtual asset services in the free economic zone World Trade Centre Dubai (DWTC). Its financial authorities approved cryptocurrency trading in September 2021.

\n\n\n\n

Binance’s regional head for the Middle East and North Africa, Richard Teng, commented on the passage of the virtual assets law:

\n\n\n\n

\”We welcome this important achievement. We will continue to work closely with DWTC to help Dubai build a world-class crypto-regulatory environment.\”

\n\n\n\n

In December 2021 the exchange received a provisional approval as a provider of cryptocurrency services in Bahrain.

\n\n\n\n

Earlier, Binance signed a memorandum of understanding with the DWTC administration to create an industry hub.

\n\n\n\n

Media reported that Binance chief Changpeng Zhao purchased real estate in the emirate and suggested opening the company’s headquarters there.

\n\n\n\n