First Crypto Law that Creates an Independent Body to Monitor Cryptocurrencies Takes Effect in Dubai

Dubai’s ruler revealed the development of a regulatory and licensing body in order to become a worldwide leader in crypto assets.

Sheikh Mohammed bin Rashid Al Maktoum took to Twitter to say that “the future belongs to whoever designs it,” also adding that “today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”

The Sheikh explained the duties and scope of the regulatory body by stating that this agency has a responsibility to “oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems.”

Dubai is among the United Arab Emirates (UAE) seven emirates that make up the country. Abu Dhabi, another emirate, has been relentless in its pursuit of becoming a global crypto powerhouse.

The UAE Securities and Commodities Authority said in a release on March 7 that it was close to releasing a regulatory structure for crypto assets soon.