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Image for illustrative purposes. Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates attends the International Defence Exhibition & Conference (IDEX) in Abu Dhabi, United Arab Emirates February 17, 2019.
The Dubai government has adopted a new law to regulate virtual assets, which are rising in popularity around the world.
The emirate also set up an independent body that is tasked to oversee the regulation, licensing and governance of virtual assets, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, announced on Twitter on Wednesday.
“We established an independent authority 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,” the Dubai ruler said.
The new virtual assets law is a first of its kind and is designed to develop the sector and provide protection for all investors.
“Our step is a leap towards the future aimed at developing this sector and protecting all investors in it,” Sheikh Mohammed said.
Virtual assets exist digitally and can include cryptocurrencies like Bitcoin and Ethereum. Non-fungible tokens, which represent real-world items like properties and paintings, are also considered virtual assets.
(Writing by Cleofe Maceda; editing by Seban Scaria )
