Dubai has been nothing short of innovative and advanced in its capacity to wield a modern-day, adaptive society; with the revolutionary Expo 2020 coming to a close, and a whirlpool of pioneering projects underway, Dubai announces the legalization and regulation of virtual assets such as bitcoin and non-fungible tokens (NFT’s).

 

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, issued the Dubai Virtual Asset Regulation Law aimed at creating an advanced legal framework to protect investors and designing much-warranted international standards for virtual asset (VA) industry governance that will promote responsible business growth, under prudential regulations.

 

A virtual asset may take the form of any digitized token of value that could be traded, stored, transferred, or used for payments, local agency Gulf News explained. “They could make payments easier, faster, and cheaper; and provide alternative methods for those without access to regular financial products”.

 

Safe and Controlled Regulation

 

Under the law, the provisions of which are applicable throughout the Emirate, including special development zones and free zones, except for the Dubai International Financial Centre, the Dubai Virtual Asset Regulatory Authority (VARA) shall be established. The authority has legal personality and financial autonomy and will be linked to the Dubai World Trade Centre Authority (DWTCA).
 

Sheikh Mohammed bin Rashid confirmed that Dubai will be a key player in designing the future of virtual assets in the world. Being a driving economic force in industries like real estate, healthcare, transport and logistics, Dubai is set to attract a vast number of investors and talented individuals to the city.

 

The safe and controlled regulation of virtual assets, as well as the 10-year golden residency visa for coders or computer programmers will create a hub of advanced tech-businesses surrounded the immense potential of Web 3.0.

 

  "Today, we are participating in designing the future of virtual assets globally," he said, noting that Dubai possesses all the capabilities that qualify it to be one of the most important global centres in the field of virtual assets, especially the advanced legislative environment. "Dubai will provide the most advanced virtual asset ecosystem in terms of organization, governance and security. Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector a step that aims to help the sector to grow and protect investors," he added.

 

 
The Dubai Virtual Asset Regulatory Authority will be responsible for licensing and regulating the sector across Dubai Mainland and Free Zone territories (exclusive of DIFC).
 

According to the law, it is prohibited for any person in the Emirate to engage in activities without VARA authorization. The person wishing to practice any of the VA activities must establish a presence in Dubai to conduct business.

 

The law defines the activities subject to VARA authorization as follows:

 
  1. Operating and managing virtual assets platforms services
  2. Exchange services between virtual assets and currencies, whether national or foreign
  3. Exchange services between one or more forms of virtual assets
  4. Virtual asset transfer services
  5. Virtual asset custody and management services
  6. Services related to the virtual asset portfolio
  7. Services related to the offering and trading of virtual tokens
 
The acts that constitute a violation of the provisions of this law and its related decisions, and the fines imposed on a violator, shall be determined by a decision issued by the board of directors of the Dubai World Trade Centre. In addition to the penalty of a fine, the VARA may take any of the following measures against the violator: to suspend the permit for a period not exceeding six months, cancel the permit, and coordinate with the competent commercial licensing authority in the Emirate to cancel the commercial license.

Comment as a guest.

Related News

 UAE President Declares 2023 as the Year of Sustainability

UAE President Declares 2023 as the Year of Sustainability

23 - Jan News

The UAE President, HH Sheikh Mohamed bin Zayed Al Nahyan, has recently announced...

Dubai Recognized As Top Global City For Relocation

Dubai Recognized As Top Global City For Relocation

12 - Jan News

Dubai is a top global city to relocate to, according to the latest research con...

The Unemployment Insurance Scheme: Everything you Need to Know

The Unemployment Insurance Scheme: Everything you Need to Know

29 - Dec News

The introduction of an Unemployment Insurance Scheme in the UAE from 1st January...

 Dubai Land Department Launches New Strategic Plan 2026

Dubai Land Department Launches New Strategic Plan 2026

27 - Dec News

Dubai Land Department (DLD) introduced a new strategic plan an...

Dubai Ranks 2nd Best City Globally for Expats in 2022

Dubai Ranks 2nd Best City Globally for Expats in 2022

07 - Dec News

According to the latest survey conducted by InterNations, an expat community, Du...

 Dubai Real Estate Transactions Exceed AED 30 Billion in November 2022

Dubai Real Estate Transactions Exceed AED 30 Billion in November 2022

01 - Dec News

Dubai Land Department (DLD) reported a staggering AED 30.80 billion in real esta...

November Monthly Transactions Ending 25th

November Monthly Transactions Ending 25th

28 - Nov News

In the month of November, from the 1st till Friday 28th, there were: A total o...

Dubai rents are about to undergo a significant change due to new pricing procedures

Dubai rents are about to undergo a significant change due to new pricing procedures

25 - Nov News

  There has been a new update! The amount that building owners and landlor...

D&B Properties Wins Runner Up for Best Quality Brokerage of 2022 Award by Property Finder

D&B Properties Wins Runner Up for Best Quality Brokerage of 2022 Award by Property Finder

10 - Nov News

D&B Properties ranked in the runner up position in Property Finder’s a...

 Dubai Realty Transactions Exceed AED 12 Billion in November Week 1

Dubai Realty Transactions Exceed AED 12 Billion in November Week 1

07 - Nov News

Dubai Land Department (DLD) reports a staggering AED 12.9 billion in real estate...

   Masks no more! The UAE lifts mandatory mask rules in public

Masks no more! The UAE lifts mandatory mask rules in public

29 - Sep News

 It’s happy days for UAE residents, as after a long two years, the p...

 Dubai Records Over 17,000 Registered Holiday Homes

Dubai Records Over 17,000 Registered Holiday Homes

09 - Sep News

The Department of Economy and Tourism in Dubai revealed that the number of holid...

  Dubai records over AED 4.67 Billion in real estate transactions week ending Friday 12th August

Dubai records over AED 4.67 Billion in real estate transactions week ending Friday 12th August

12 - Aug News

 Dubai records over AED 4.67 Billion in real estate transactions on Friday...

 UAE Issues New Law to Regulate Real Estate Transactions

UAE Issues New Law to Regulate Real Estate Transactions

09 - Aug News

In a pioneering move to strengthen transparency and position the country amongst...

   Overview of weekly real estate transactions for the week ending 5th August 2022

Overview of weekly real estate transactions for the week ending 5th August 2022

08 - Aug News

A total of 2,247 real estate transactions worth AED 5.3 billion were conducted d...

A total of 1,946 real estate transactions worth AED 4.98 billion were conducted July Week 3

A total of 1,946 real estate transactions worth AED 4.98 billion were conducted July Week 3

22 - Jul News

A total of 1,946 real estate transactions worth AED 4.98 billion were conducted...

Dubai Passes New Legislation to Encourage the Expansion of Real Estate Investment Funds

Dubai Passes New Legislation to Encourage the Expansion of Real Estate Investment Funds

22 - Jul News

On Tuesday, Dubai unveiled a new law designed to encourage the development of r...

Total of 1,190 Real Estate Transactions Worth AED 3.01 billion Accumulated in Week 3 July 2022

Total of 1,190 Real Estate Transactions Worth AED 3.01 billion Accumulated in Week 3 July 2022

15 - Jul News

A total of 1,190 real estate transactions worth AED 3.01 billion were conducted ...

Dubai Renames District 2020 to Expo City Dubai

Dubai Renames District 2020 to Expo City Dubai

22 - Jun News

In an official announcement, the repurposing Expo 2020 site is renamed from Dis...

 Real Estate Transactions June Week 2022

Real Estate Transactions Exceed AED 8.7 Billion in June Week 2

10 - Jun News

The real estate and property transactions were valued at AED 8.7 billion in tota...

   Realty Transactions on June 2022

Dubai Records AED 1.37 Billion Worth of Realty Transactions on June 2

03 - Jun News

Dubai Land Department reported a staggering AED 1.37 billion in real estate prop...

 Dubai Real Estate Transactions

Dubai Real Estate Transactions Exceed AED7.2 Billion in May Week 3

20 - May News

A total of 2,043 real estate transactions worth AED 7.2 billion were conducted d...

 UAE President HH Sheikh Khalifa

UAE President HH Sheikh Khalifa Passes Away, Aged 73

13 - May News

UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has passed away on...

Dubai Ranked Number One Globally in Attracting Foreign Direct Investment Projects

Dubai Ranked Number One Globally in Attracting Foreign Direct Investment Projects in 2021

09 - May News

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and...

 Dubai Real Estate Transactions Total 7.8 Billion in April Week 2

Dubai Real Estate Transactions Total 7.8 Billion in April Week 2

15 - Apr News

A total 1,968 real estate transactions worth AED 7.8 billion were conducted in D...

 Dubai and Abu Dhabi to Impose a Plastic Ban Starting July

Dubai and Abu Dhabi to Impose a Plastic Ban Starting July

11 - Apr News

In a move to reduce the consumption of single-use plastic items and encourage th...

 Dubai Realty Transactions Total AED 5.3 Billion in April Week 1

Dubai Realty Transactions Total AED 5.3 Billion in April Week 1

08 - Apr News

A total 2,012 real estate transactions worth 5.3 billion in total were conducted...

 ERC Supports Ramadan Programmes in 64 Countries

ERC Supports Ramadan Programmes in 64 Countries

11 - Apr News

The Emirates Red Crescent (ERC) supports its Ramadan programmes in 64 countries ...

Museum of the Future

AN ARCHITECTURAL MARVEL: MUSEUM OF THE FUTURE

23 - Feb News

The inauguration of Museum of the Future has been the high talk of Dubai, with H...

  Entrepreneurship: In Talks with Steven Bartlett and Husni Al Bayari

Entrepreneurship: In Talks with Steven Bartlett and Husni Al Bayari

07 - Mar News

With the magnitude at which the modern world is progressing as to technological ...

  D&B Properties Women's Day Panelists Deliver Key Insight

D&B Properties Women's Day Panelists Deliver Key Insight

06 - Mar News

D&B Properties hosted an in-house Women's Day panel on 4 M...

RTA Launches Two New Marine Lines

RTA Launches Two New Marine Lines

14 - Mar News

Dubai’s Roads and Transport Authority (RTA) has launched two marine transp...

D&B Properties Joins Emirates Red Crescent Ramadan Programme to Aid Millions

D&B Properties Joins Emirates Red Crescent Ramadan Programme to Aid Millions

18 - Mar News

D&B Properties is among the many firms collaborating with the Emirates Red C...

Saudi Arabia Wins Best Pavilion Award at Expo 2020 Dubai

Saudi Arabia Wins Best Pavilion Award at Expo 2020 Dubai

21 - Mar News

The Saudi Arabia pavilion at Expo 2020 Dubai was endowed with the 'Best Pavilion...

Dubai Property Transactions Total AED 6.8B in March 2022

Dubai Property Transactions Total AED 6.8B in March Week 4

25 - Mar News

The real estate and properties transactions valued at AED6.8 billion in total du...

 A New UAE Legislation Approves Crowdfunding Practices

A New UAE Legislation Approves Crowdfunding Practices

28 - Mar News

In March 2022, Dubai government approved the establishment and practice of crowd...

Dubai Real Estate Transactions Exceed AED 22 bn in March 2022

05 - Apr News

Dubai Land Department (DLD) reports a staggering AED 22.55 billion in real ...

 Emaar Rejoices In 209 Percent Increase In Highest Ever Sales in 2021

Emaar Rejoices In 209 Percent Increase In Highest Ever Sales in 2021

18 - Feb News

In a groundbreaking record, Emaar Properties achieves the highest ever sales per...

  Dubai Initiative Provides Free Water Refills Across City

Dubai Initiative Provides Free Water Refills Across City

18 - Feb News

An initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al ...

 Dubai Wins World's Most Popular Destination

Dubai Wins World's Most Popular Destination

14 - Feb News

The world's tallest skyscraper, the world's highest infinity pool, the world's l...

  Dubai Records AED 1.1 bn Worth of Realty Transactions on 5 April

Dubai Records AED 1.1 bn Worth of Realty Transactions on 5 April

06 - Apr News

Dubai real estate market recorded 336 sales transactions worth AED995.74 million...