The United Arab Emirates has been pushing to adopt virtual asset regulations to attract new forms of business and establish itself as a regional economic hub. Virtual assets refer to any products related to the blockchain technology, including cryptocurrencies, altcoins, and NFTs but the official announcement doesn’t specify which virtual assets will be regulated.
The new law will be effective throughout Dubai except for the state-owned financial free zone, DIFC, which is reportedly working on its own regulation regarding the virtual asset market.
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