Dubai unveil new crypto law

[Dunamisx]

Its a step forward in UAE today as they make a decision to join the world cryptocurrency lane and provide a means to see to it regulation, this was a development confirmed from Sheikh Mohammed bin Rashid Al Maktoum, the vice-president and prime minister of the United Arab Emirates and was confirmed through his official Twitter handle.

In addition, Dubai will also see the establishment of a cryptocurrency regulator, named Virtual Asset Regulatory Authority (VARA), designed to issue licenses and oversee the compliance system of crypto service providers operating in the United Arab Emirates (UAE). The new regulatory authority is established as an affiliated organization of the Dubai World Trade Center.
https://ourbitcoinnews.com/dubai-unveils-new-crypto-laws-establishes-independent-regulator/?utm_source=thecryptoapp

It could also be recalled that Dubai perform it annual "Dubai Expo" business summit under the authority of Dubai world trade center which bring entrepreneurs together from all over the world for business exhibition, talent acquisition, seminars and workshops, also it has put in place "VARA" its regulatory body to see to the affairs of the Dubai crypto free zone.

CZ who is the founder of Binance also signed a memorandum of understanding (MoU) sometimes last year in building a suitable cryptocurrency environment in Dubai.

[gantez]

What I don't understand about the length of their regulation is if they are going to take the data and personal ID of cryptocurrency users or always asking them to assemble for such or through KYC, or maybe any other means that when transactions made will alert the body in charge. I don't think any regulation linking blockchain directly will work but a third party regulation like exchange.

[Husires]

I have always thought that this legal framework includes only free zones and the Dubai World Trade Center.

• It is related to entrepreneurs, platforms and services related to Blockchain and cryptocurrencies and not a legal status of Bitcoin as happened in El Salvador.
  
• UAE is slowing down on cryptocurrency, I don't know why but if they want to get things moving quickly they can create legal damages in a short period of time.

Dubai is an important financial center, and if Bitcoin is adopted or bought as an asset, it may bring about real changes.