Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates, has announced a new law on virtual assets as well as the establishment of a crypto regulator.
In a Wednesday announcement, Sheikh Al Maktoum said he had issued a law creating a legal framework for crypto in the Emirate of Dubai aimed at protecting investors and “designing much-warranted international standards” for industry governance. In addition, the ruler said a newly formed Dubai Virtual Asset Regulatory Authority, or VARA, would have enforcement powers in the Emirate’s special development and free zones with the exception of the Dubai International Financial Centre.