HomeTechnology & InnovationSheikh Mohammed bin Rashid Al Maktoum adopts unique law regulating virtual assets
By Economy Middle East
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March 9, 2022 4:11 pm

Sheikh Mohammed bin Rashid Al Maktoum adopts unique law regulating virtual assets

The future belongs to whoever designs it
Sheikh Mohammed bin Rashid al Maktoum
Sheikh Mohammed bin Rashid Al Maktoum

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter to announce that Dubai has adopted the first law of its kind to regulate virtual assets.

He said a special “independent authority” has been set up to oversee the development of the “best business environment in the world for virtual assets in terms of regulation and licensing.”

He added: “The future belongs to whoever designs it.. Today, through the Virtual Assets Law, we seek to participate in the design of this new and rapidly growing global sector.. Our step is a leap towards the future aimed at developing this sector and protecting all investors in it.. And the future is more beautiful.. and comprehensive.. And better, God willing.”