New digital laws put Dubai on top of the global market for digital assets
Dubai’s government authorities are now mandated by law to provide digital services to their citizens. Law No. (9) of 2022 was issued by His Highness, the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates.
The law aims at bolstering the emirate’s digital transformation, improve digital service provision, and encourage the digitization of services in both the public and private sectors. Within a year of the law’s introduction, all digital service providers in Dubai must comply with its terms.
The Dubai Virtual Asset Regulatory Authority will function as the primary custodian authority for this specialized industry, with the goal of anchoring the world’s virtual assets market leaders, trustworthy institutional enablers, and innovation facilitators.
Customers must update their information given to digital service providers and conform to the entity’s terms and conditions, according to the law. Digital services provided in Dubai must be user-friendly and free of any additional costs to people wishing to use them, according to the law. Customers will be held liable under the law if they misuse the service or fail to follow the required processes.
The Ruler of Dubai had also officially announced the Dubai Virtual Assets Regulation Law, which will establish an advanced legal framework to shield investors and set benchmarks to regulate the virtual asset (VA) industry in order to foster responsible corporate growth under meticulous rules.
Virtual asset services will be regulated, monitored, and governed by the Dubai Virtual Asset Regulatory Authority (VARA). It constitutes the rules and procedures that govern virtual asset activities, such as management, clearing, and settlement services, as well as categorizing and defining virtual asset kinds.
Because of the new virtual assets regulation law, the UAE leads the world in terms of consumer trust in cryptocurrencies, with nearly 40% of consumers reporting that they trust this digital asset.
The Dubai Government’s law governing virtual assets provides investors with a secure and advanced legal framework. As cryptocurrency penetrates the education sector, Citizen School is moving toward bitcoin and Ethereum payment alternatives.
