عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Dubai Adopts First Virtual Asset Law, Establishes Regulator

A general view of Dubai, UAE. (Reuters)
A general view of Dubai, UAE. (Reuters)
TT
20
TT

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.

Most Viewed

 
Business

Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
TT
20
TT

Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP

Prime Minister Mark Carney promised Friday to oversee the biggest transformation of Canada's economy since the end of the Second World War to enable it to "stand up" to Donald Trump.

Carney led the Liberal Party to a dramatic fourth mandate in elections on Monday after a campaign focused on the US president's threats to Canada's economy and sovereignty.

Liberals fell just short of the 172 seats needed for majority control of parliament, but with 169 confirmed wins they will be in a strong position to pass legislation. Recounts in two closely contested electoral districts saw the party lose a seat in Quebec province but gain another in Ontario.

At his first press conference since his victory, Carney struck a determined note.

Known for weighing his words carefully, he said that he was "in politics to do great things, not to be something."

"And now that Canadians have honored me with a mandate to bring about big changes quickly, I will work relentlessly to fulfill that trust," he said.

Canada's strained relations with the United States -- historically, its close ally and biggest trading partner -- was among his "immediate priorities," he said, announcing a trip to Washington next Tuesday to meet with Trump on trade and security issues.

Canadians elected him "to stand up to President Trump," he said, adding that he will act "with focus and determination."

"Our focus will be on both immediate trade pressures and the broader future economic and security relationship between our two sovereign nations," said Carney.

But he warned also not to expect any "white smoke" from their first meeting signaling a sudden breakthrough.

Carney reiterated his message from the campaign that he believes the old relationship between the two North American neighbors "based on steadily increasing integration is over."

"The questions now are how our nations will cooperate in the future," he said.

Trump "respects strength," he added, explaining that this was why he was preparing the country for major changes including a massive build-up of infrastructure and new housing.

The Conservatives, the main opposition party, as well as the Bloc Quebecois, the third-largest party in Parliament, both called for unity after the elections to fight US levies including on the automotive and steel sectors.

Carney, who previously headed the Bank of Canada and the Bank of England, promised to maintain counter-tariffs on American products as long as Washington's measures were in place.

"This will be an incredibly exciting time as we take control of our economic destiny to create a new Canadian economy," Carney said.

To this end, he promised to abolish existing trade barriers between Canadian provinces by July 1 to expand the economy, and to strengthen trade with "reliable allies."

"Canada has what the world needs, and we uphold the values the world respects," he said.