WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
ADVERTISE
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
Markets

United Arab Emirates Establishes Initial Cryptocurrency Regulations with New Federal Virtual Asset Law

By Simon LawsonJanuary 29, 20232 Mins Read
United Arab Emirates Establishes Initial Cryptocurrency Regulations with New Federal Virtual Asset Law
Share
Facebook Twitter Telegram LinkedIn Reddit Email

Dubai, United Arab Emirates – The United Arab Emirates (UAE) has passed a new law to manage virtual assets, establishing an initial regulatory framework for the country’s cryptocurrency industry on a federal level.

According to Irina Heaver, a cryptocurrency and blockchain lawyer based in the UAE, the new law has several impacts. Heaver explains that the law ensures entities engaging in cryptocurrency activities must obtain licenses and approvals from the new regulatory body. Failure to comply may result in substantial fines, forfeiture of profits, and even criminal investigations by prosecutors.

Every cryptocurrency and Web3 project operating in the UAE must now build a way to comply with the new federal law and all existing laws.

Heaver also noted that this new legislation will help the UAE to be more competitive in the global cryptocurrency market, as it will provide more legal certainty for businesses, and attract more investors. This new legislation will also help the country to combat money laundering, fraud and other financial crimes.

Related:  Despite Losing $1.5 Trillion in 2022, the Crypto Economy Has Grown 80,466% Since 2013

The move by the UAE follows a trend of governments around the world implementing regulations for the cryptocurrency industry, as the market continues to grow and gain mainstream acceptance. It also reflects the UAE’s focus on developing its technology sector, particularly in the areas of blockchain and digital currencies.

This new law will be a major step forward for the UAE’s cryptocurrency industry, providing much-needed oversight and legal clarity for businesses operating in the space. It is expected to promote growth and innovation in the sector, while also protecting consumers and the overall financial system.

This new legislation is one of the most advanced in the world, and will be a model for other countries to follow. The UAE has always been a leader in technology and this legislation will ensure that the country remains at the forefront of the digital economy.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Blockchain Business Crypto Cryptocurrency Headlines Market Regulation Web3
Related News

Crackdown on Crypto Crime: UK Sets Out Plans

Aspen Digital Appoints Elliot Andrews as CEO

SBF Pleads Not Guilty to All 13 Counts

Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years

India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023

Mike Novogratz: Despite U.S. Regulations, Cryptocurrency Markets Have Been Strong This Year

The Latest
News April 1, 2023
Crackdown on Crypto Crime: UK Sets Out Plans
Business April 1, 2023
Aspen Digital Appoints Elliot Andrews as CEO
News March 31, 2023
SBF Pleads Not Guilty to All 13 Counts
News March 30, 2023
Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years
News March 30, 2023
India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.