Earlier today, the leader of Dubai signed the “virtual assets law”, creating an independent authority for oversight of the cryptocurrency sector. The law is said to establish the United Arab Emirates (UAE)’s regulatory position in the industry.
According to his announcement, the authority will “organize the issuance and trading” of virtual assets and virtual tokens, while independently authorizing “virtual asset service providers”.
It will also organize the “operation” of virtual asset platforms and portfolios while monitoring transactions and preventing price manipulation.
Dubai previously moved to regulate crypto in December, when Binance teamed up with the Dubai World Trade Centre to make it a comprehensive crypto zone for speeding up industry adoption.
Crypto has already seen some noteworthy activity in the region. NFT activity in Dubai is currently double the global average, and the city is home to a host of NFT related projects.
Dubai is also home to a Dogecoin
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