Dubai announces law restricting the use of virtual assets, including cryptocurrency. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the first such law in the UAE. An independent authority has been set up to oversee matters related to this and to take action, including licensing. Recommendations have also been made to address the risks associated with consumer protection and market integrity.
The new authority will include the issuance of digitally valued data such as Non Fungal Token (NFT) and cryptocurrency. The authority will protect consumer information, control counterfeit digital coins, monitor companies offering cryptocurrencies and digital wallets, monitor transactions, transfer and prevent fraud.
