Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates (UAE), has announced a new law on virtual assets and the establishment of a crypto regulator. The new law will create a legal framework for crypto in Dubai (one of the emirates) aimed at protecting investors and creating international standards for crypto governance. In particular, the crypto law will require Dubai residents and businesses to register with the newly created Dubai Virtual Asset Regulatory Authority (VARA) before engaging in crypto-related activities, including operating a crypto exchange, conducting transfers of cryptocurrencies, and other services related to offering and trading tokens. VARA will have enforcement powers in the Emirate’s special development and free zones excluding the Dubai International Financial Centre.
Sources: https://cutt.ly/nAJuRzm
