Dubai Adopts First Virtual Asset Law, Establishes Regulator

A general view of Dubai, UAE. (Reuters)
A general view of Dubai, UAE. (Reuters)
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Dubai Adopts First Virtual Asset Law, Establishes Regulator

A general view of Dubai, UAE. (Reuters)
A general view of Dubai, UAE. (Reuters)

The emirate of Dubai has adopted its first law governing virtual assets and established a regulator to oversee the sector, its ruler Sheikh Mohammed bin Rashid al-Maktoum said on Wednesday.

The United Arab Emirates, a federation of seven emirates and the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up.

Virtual assets generally encompass products including crypto currencies and NFTs, but the announcement did not specify which assets would come under the new law.

The Dubai Virtual Asset Regulation Law aims to position Dubai and the UAE as a regional and global destination for the virtual assets sector, Sheikh Mohammed said in a statement carried by state media.

The Dubai Virtual Assets Regulatory Authority will oversee the development of the business environment for virtual assets in terms of regulation, licensing and governance, he said.

The new law will apply throughout Dubai except for the state-owned financial free zone DIFC. DIFC's regulator, the Dubai Financial Services Authority (DFSA), is working on its own regulation for the virtual asset sector.

In October, DFSA released the first part which governs digital tokens, and this week launched a consultation on regulation for crypto tokens, which includes crypto currencies.

The UAE as a whole is getting closer to issuing virtual asset investment regulation, the UAE's Securities and Commodities Authority (SCA) said on Tuesday.



Saudi Foreign Minister Meets with US Envoy to Syria

Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA
Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA
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Saudi Foreign Minister Meets with US Envoy to Syria

Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA
Saudi Minister of Foreign Affairs meets with US Special Envoy for Syria - SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah met with US Special Envoy for Syria Tom Barrack in Riyadh on Thursday, SPA reported.

During the meeting, they discussed ways to support the Syria to enhance its security, stability, and economic recovery.