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DUBAI / WAM
In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, 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.
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.
“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 organisation, 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).
The establishment of the Dubai Virtual Asset Regulatory Authority comes as a part of the strategy of the Dubai Securities and Exchange Higher Committee.
Helal Saeed Al Marri, Director-General of DWTCA, said that the new law and establishing the Authority will enhance the UAE and Dubai’s position in the VA sector and attract VA leaders from all over the world.
He added that Dubai Virtual Asset Regulatory Authority will provide a full range of VA services in coordination with the Central Bank of the UAE and the Securities and Commodities Authority.
Envisioned to anchor the world’s VA market leaders, credible institutional enablers, and innovation facilitators, the Dubai Virtual Asset Regulatory Authority will serve as the central custodial authority for this specialised industry.