What to Know About the New Virtual Assets Law in Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, approved a first-of-its-kind law to regulate virtual assets in Dubai.

The new law assures personal data of users and monitor digital transactions is safeguarded.

اعتمدنا اليوم في دبي أول قانون من نوعه لتنظيم الأصول الافتراضية Virtual Assets .. وأسسنا سلطة مستقلة للإشراف على تطوير أفضل بيئة أعمال في العالم للأصول الافتراضية تنظيماً وترخيصاً وحوكمةً واتساقاً مع الأنظمة المالية المحلية والعالمية .. pic.twitter.com/tqYEJdeuwh

— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022

An independent authority has also been established to oversee the regulation, licensing and governance of virtual assets, non-fungible tokens (NFTs), and cryptocurrencies.

Sheikh Mohammed bin Rashid “The future belongs to those who design it. Through the virtual assets law, we aspire to take part in shaping this new ever-evolving sector."

The authority’s main responsibilities:

- Regulating the issuance and release of virtual assets and NFTS

- Regulating and licensing virtual assets service providers

- Protecting personal data of users and beneficiaries

- Regulating and monitoring the platforms offering cryptocurrencies and digital wallets

- Monitoring digital transactions

- Preventing the manipulation or modification of prices of virtual assets

- Activities subject to permits and supervision

- Virtual assets management and operation services

- Exchange services of cryptocurrencies and virtual assets

- Exchange services of one or more types of virtual assets