UAE Announces New Law to Regulate Cryptocurrencies and NFTs

• The Prime Minister of UAE has approved a new crypto-regulation law.
• This law will regulate cryptocurrencies and NFTs in the country.
• Twitter users were pleased about the news.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai has stated through a Twitter post that he has approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority (VARA).

Sheikh Mohammed bin Rashid in his tweet mentions that this is a step that establishes the UAE’s position in the sector. The Authority, he says, will cooperate with all related entities to ensure maximum transparency and security for investors.

Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors.