The future is for those who create it!
The United Arab Emirates has always been a great investment land and a pioneer in all economic, technological, and commercial fields Today, it approves a new law regarding the trading of cryptocurrencies in UAE.
The announcement of the new law was made by Sheikh Mohammed bin Rashid Al Maktoum.
But first of all, What Are Cryptocurrencies?
A cryptocurrency is a virtual or digital currency that is secured by cryptography.
This makes it almost impossible to counterfeit or double-spend.
Most of the cryptocurrencies are decentralized networks based on what we call blockchain technology.
The law says that Dubai Virtual Assets Regulatory Authority or VARA take over many responsibilities, such as:
- Regulating the sale of virtual tokens and virtual assets.
- Regulating and authorizing virtual asset service providers.
- Ensuring that the data of investors will always be safe and secure in the hands of virtual asset service providers.
The law that regulates cryptocurrencies in UAE will go into effect across all the United Arab Emirates with the exception of (DIFC) which is Dubai International Financial Centre.
DIFC is an economic zone under the ambit of the Dubai Financial Services Authority (DFSA).
Dubai and all of the Emirates attract investors from all over the world to setup their businesses safely and efficiently.
If you want to setup your business in the United Arab Emirates, you can contact FIKRA’s experts to help you understand all the legal matters.
