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Moreover, the Dubai Virtual Asset Regulatory Authority was established.

This is a key step in Sheikh Mohammed bin Rashid Al Maktoum’s ambitions to turn Dubai and the United Arab Emirates as a whole into a crypto industry hub.

Sheikh Mohammed bin Rashid Al Maktoum, ruler of the Emirate of Dubai and one of the world’s richest politicians, has extended the push to make the city the center of digital assets in western Asia.

Today Sheikh Mohammed, who is also the vice president and prime minister of the United Arab Emirates, announced the Dubai Virtual Asset Regulation Law, which is “aimed at creating an advanced legal framework to protect investors,” and designing “much-warranted international standards for virtual asset industry governance that will promote responsible business growth, under prudential regulations.” Moreover, the Dubai Virtual Asset Regulatory Authority has been established .

The Dubai Virtual Asset Regulatory Authority will oversee the issuance and trading of virtual assets, and companies providing crypto services will first have to gain its approval.