• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Advertisement

The New UAE Virtual Assets Regulations and What That Means for the Global Crypto Space

Bitcoinist by Bitcoinist
11 months ago
in Industry
0
Advertisement

In March 2022, Dubai took another step towards establishing itself as a global crypto headquarters by adopting its first law on virtual assets and establishing a regulator for the growing sector. The new law serves as a progressive regulatory framework for the emerging virtual asset market, setting industry-defining standards and improving the Emirate’s standing in the crypto sector. However, the broad scope of the law also raises important questions regarding implementation for crypto companies and investors.

The Prime Minister of the United Arab Emirates, Sheikh Mohammed bin Rashid al-Maktoum, confirmed the adoption of the new law in a statement:

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

“Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors,”

The law on the Regulation of Virtual Assets (DVAL) came into effect on March 11, 2022, and governs virtual asset-related activities. The law also foresees the establishment of the Dubai Virtual Assets Regulatory Authority (VARA), an independent public entity tasked with authorizing virtual asset-related activities and establishing the rules that govern such activities. The new law will apply throughout Dubai, including free zones and special development zones, but excludes the Dubai International Financial Centre (DIFC).

VARA is tasked with regulating the issuance of new crypto tokens, regulating the trading of virtual assets, ensuring high standards of protection, and monitoring transactions. In a move that most affects the global crypto market, DVAL requires anyone seeking to engage in crypto-related activities to get authorization from VARA, and those seeking to work in virtual assets need to establish a presence in Dubai.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As it stands, it is not fully clear how the new law will interact with existing federal laws and regulatory bodies. VARA’s domain overlaps with that of the Securities and Commodities Authority (SCA) and the Central Bank of the UAE (CBUAE). The two entities are tasked with regulating financial activity and assets. DVAL cites how VARA  is linked to the Dubai World Trade Centre Authority (DWTCA), the public entity that oversees the Dubai World Trade Centre free zone, and shall coordinate with the CBUAE. For its part, the SCA has entered a Memorandum of Understanding with DWTCA to support the regulation of virtual assets in the free zone.

Over in Abu Dhabi, The Abu Dhabi Global Market (ADGM) has also introduced a comprehensive regulatory framework for the regulation of virtual asset activity. The framework is intended to facilitate the operation of virtual asset industry leaders in the Emirate; limit the risks of market abuse and financial crime, and to improve consumer protection, technology governance, and custody and exchange operations. The regulatory environment can get complicated when it comes to the relationship between the different regulatory authorities. The situation may seem daunting to new investors in the crypto sector. Platforms like Blockfinex provide investors with a user-friendly interface that helps them to quickly get onboard and trade cryptos in minutes.

Blockfinex, an industry leader in crypto, allows for multi-currency trading at any time. The service also boasts the fastest matching engine in crypto, making it the solution for the fastest transactions in the industry. The service provides market-leading liquidity, which empowers investors to trade on-demand without delay after signing up. Most importantly, all of these services come at a lower trading fee when compared to leading competitors in the crypto sector.

The UAE is already a popular destination for actors in the crypto sector, the new regulations are sure to draw more investment, but until the regulatory framework is properly established, questions remain on how exactly it will shape the global crypto space. In the meantime, crypto investors can rely on industry leaders like Blockfinex to get their start in the fast-growing sector.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Bitcoinist

Bitcoinist

Bitcoinist is the ultimate news and review site for the crypto currency community!

Related Posts

Play Real Money Blackjack Online USA – Best Blackjack Casinos

Play Real Money Blackjack Online USA – Best Blackjack Casinos

2 days ago
Crypto Exchange StormGain Opens Highly Liquid DEX Trading Platform

Crypto Exchange StormGain Opens Highly Liquid DEX Trading Platform

2 days ago
Analysts are backing these presale tokens to explode next week when they list on exchanges

Analysts are backing these presale tokens to explode next week when they list on exchanges

3 days ago
10 Best Provably Fair Bitcoin Casino Sites 2023 Ranked

10 Best Provably Fair Bitcoin Casino Sites 2023 Ranked

4 days ago
Digital Asset Payment Platform with Gibraltar DLT License Announces IEO

Digital Asset Payment Platform with Gibraltar DLT License Announces IEO

5 days ago
7 Best Meme Coins to Invest in 2023 – New Meme Cryptocurrencies

7 Best Meme Coins to Invest in 2023 – New Meme Cryptocurrencies

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Tremendous Growth in TMS Network (TMSN), While...

    36 mins ago
  • TMS Network (TMSN) Unveils Innovative Ideas for the Future...

    36 mins ago
  • TRON (TRX) and Tether (USDT) Fail to Impress Investors, TMS...

    37 mins ago
  • Chainlink (LINK) And Cosmos (ATOM) Holders Are Boosting...

    3 hours ago
  • 3 tokens under $5 to skyrocket in 2023, Polygon (MATIC)...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.