JAKARTA – The Prime Minister of the UAE and the Emir of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum (MBR) is reportedly designing regulations aimed at making Dubai friendly towards cryptocurrencies or cryptocurrencies.
Launching CryptoPotato, MBR is reported to have signed the “virtual asset law” and established an independent authority to oversee the cryptocurrency sector. The law is said to establish the regulatory position of the United Arab Emirates (UAE) in the industry.
Later the authority will regulate the issuance and trading of virtual assets and tokens. At the same time, the authority also independently authorizes “virtual asset service providers” to manage platforms and virtual asset portfolios while monitoring transactions and preventing price manipulation.
Dubai previously planned to regulate cryptocurrency in December, when Binance teamed up with the Dubai World Trade Center to make it a comprehensive crypto zone to accelerate industry adoption.
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In addition, NFT trading activity in Dubai is currently double the global average, and the city is home to a number of non-fungible token digital arts development projects.
Dubai has also become home to a Dogecoin-themed Burger Joint. It allows people to pay for food using cryptocurrencies.
"The future belongs to whoever designs it," said UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum. “Our move is a leap into the future aiming to develop this sector and protect all investors in it.”
This decision follows the regulations regarding crypto issued by President Biden in an executive order document. Therefore, the UAE and the US seem to be ready to accept cryptocurrencies.
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