The Emirate of Dubai has launched a regulatory and licensing authority to champion the advancement of virtual assets in the country.
The independent authority will focus on regulation, governance, and licensing based on the local and global financial systems.
Dubai Ruler, Sheikh Mohammed bin Rashid Al Maktoum, tweeted that the future is for those who constantly create it. He adds that the virtual asset law will enable the country to be part of a growing global sector.
The Securities and Commodities Authority of the United Arab Emirates notes that the country is nearing a digital asset regulatory framework.
Dubai is one of the seven emirates that make up the United Arab Emirates. Abu Dhabi is another emirate also aiming to position itself as a cryptocurrency hub.