Fri. Jul 1st, 2022

On the day that the US issued its executive order on cryptocurrencies, Dubai also took a step by issuing a crypto regulation that encompasses the sector.

Dubai Cryptocurrency Regulation

The announcement came directly from the ruler, Sheikh Mohammed bin Rashid Al Maktoum via Twitter:

“Today we passed the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the position of the UAE in this sector. The Authority will cooperate with all related entities to guarantee maximum transparency and security for investors.”

The tweet is accompanied by an image that clearly explains what is happening in the United Arab Emirates when it comes to cryptocurrencies. The objective above all is:

“Establish the position of the United Arab Emirates and Dubai as a key player in shaping the future of virtual assets globally.”

Dubai wants to be the leader of the crypto world

How will the VARA work?

The Dubai Virtual Assets Regulatory Authority (VARA) will have the following tasks: organization, issuance and trading with virtual assets and tokens; organize and authorize service providers related to virtual assets; ensure high standards of protection for users and their personal data; organize the operation of virtual asset platforms; supervise transactions to avoid market manipulation. The authority will be in charge of authorizing and supervising the platforms and exchange houses that offer cryptocurrencies, virtual assets and trade also with other currencies, providers of custody services, platforms and services that provide administration and transfers.

Challenging the United States

dubai stands defying the united states with this move. The similarity was also made by the CTO of Bitfinex, Paolo Ardoino:

“Did Dubai just overtake the US?”

After all, the executive order issued by US President Joe Biden is nothing more than the prelude to a regulatory approach that encompasses cryptocurrencieswhile Dubai has gone ahead to establish an authority with virtually complete powers and a single ambition: make Dubai a leader in the sector. It is the same desire of the US: to maintain leadership in innovation. The challenge is on, and Dubai and the US will soon join all those far-sighted countries who have realized that cryptocurrencies are an opportunity and not a threat. Disclaimer: The information found on CryptoReport is that of the cited writers. It does not represent the opinions of Criptoinforma on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. See the Legal Notice for more information.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.