Dubai Adopts Initial Crypto Law, Establishes Independent Authority for Oversight

Aiming to be a "major player" globally in digital assets, Dubai's ruler announced the creation of a regulatory and licensing authority.

"The future belongs to whoever designs it," tweeted Sheikh Mohammed bin Rashid Al Maktoum. "Today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector."

The independent authority, he continued, will "oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems."

The Emirate of Dubai is one of seven emirates forming the nation of the United Arab Emirates (UAE). Another emirate, Abu Dhabi, has also been aggressive in its aim to become a crypto hub.

The Securities and Commodities Authority of the UAE issued a statement Tuesday saying it was nearing the issuance of a regulatory framework related to digital assets.