- Dubai has officially signed its crypto regulation law into effect.
- The emirate aims to become a crypto first-mover in the world.
- The law also formalizes the creation of an official regulator.
The emirate of Dubai in the UAE has officially signed its crypto regulation law into effect. According to a tweet by its ruler His Highness Sheikh Mohammed Bin Rashid Al Maktoum, this is its formal step to establish its position in the crypto industry.
As seen in the tweet above, the sheikhdom will also formalize the creation of a new regulator named Virtual Asset Regulatory Authority (VARA). This is a new arm of the Dubai World Trade Center Authority.
Dubai has also set its guidelines regarding activities and businesses that dabble with cryptocurrencies in one way or another. Binance, arguably the biggest crypto exchange in the world, also partnered with the Dubai World Trade Center in December 2021 for this similar cause.
These developments in Dubai, alongside US President Joe Biden’s signing of a crypto-friendly executive order, sent many cryptocurrencies back to bullish sentiments. Specifically, Bitcoin reached $42,500 in a matter of hours from $38,500 after news regarding the EO came.
Earlier, CryptoNewsLand also reported exclusively that the upcoming Kempinski Floating Palace in Dubai will launch its own crypto token. This token is named Floating Sea Palace (FSP), which is part of upcoming floating hotel projects in the Middle East.
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