His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime
Minister of the UAE and the Ruler of Dubai, has approved a law, the first of its kind, to
regulate virtual assets. It was introduced with the aim of making Dubai a key player in the
world of virtual assets and to promote responsible growth in the field.His Highness Sheikh Mohammed said Dubai possessed everything needed to become of the
global hubs of virtual assets, including an advanced legislative environment. He added that
Dubai would offer the most advanced ecosystem for virtual assets in terms of governance,
organization, and security; as well provide protection to investors.As the first step in this regard, the Dubai Virtual Asset Regulatory Authority has been
established under the new law as an affiliate of Dubai World Trade Centre. His Excellency
Helal Saeed Al Marri, the Director-General of Dubai World Trade Centre Authority said the
Dubai Virtual Asset Regulatory Authority would attract players from all over the world.
Also Read
Business Setup Dubai
In coordination with the Central Bank of the United Arab Emirates and the Securities and
Commodities Authority, the Dubai Virtual Asset Regulatory Authority offers the entire
spectrum of services related to virtual assets. It will also issue trade licenses to those
operate in the sector, as well as protect the personal data of customers.
- Operation and management of virtual assets platforms
- Services related to the initial public offering and trading of virtual tokens
- Exchange services between one or more forms of virtual assets
- Classification of different types of virtual assets
- Virtual asset custody and management services
- Virtual asset transfer services
- Services related to virtual asset portfolio
- Monitoring of transactions to prevent price manipulation of virtual assets
Also Read
Business Setup Consultants In Dubai
Violation of the law results in stiff penalties which may be a fine, suspension of the permit
for six months, cancellation of the permit, or cancellation of the commercial trade license.
The law is applicable throughout Dubai, including all free zones, but with the exception of
the Dubai International Financial Centre.
A&A Associate LLC is a provider of corporate services specializing in business setup in Dubai,
United Arab Emirates. Its team of experts comprises of those with experience in Business
Consulting, Tax Advisory, Legal, and Corporate Finance. It has been of professional assistance
to clients from 100 countries around the world and has an excellent client satisfaction rate so
far.