The Vice President and Prime Minister of United Arab Emirates, His Highness Sheikh Mohammed bin Rashid Al Maktoum, recently announced his authorization to trade cryptocurrencies are related assets in the country. The renowned ruler of Dubai shared the news on his social media platform, thus creating a regulatory body that controls crypto transactions and trading.
The regulatory body known as the Dubai Virtual Assets Regulatory Authority will regulate any form of crypto trading, thus issuing privacy to potential investors across the globe. Furthermore, through His Highnesses’ social media platforms, the trading of digital assets in the country will position it in a better economic state.
How Dubai Virtual Assets Regulatory Will Regulate Crypto trading
The selected Authority will perform various functions such as gathering information on the forms of crypto assets in the country. In addition, His Highness issued the Authority to create suitable protocols to protect all parties involved in the trading. The Authority must approve a few processes before it is carried out, including an investor’s requirement to run a cryptocurrencies platform or institution.
During the announcement, the Vice President stated that allowing crypto trading positions UAE in the cryptocurrencies industry. In addition, the development will allow the country to invest and trade in cryptocurrencies across the globe.
The country’s feedback following the announcement
Following the announcement, several citizens in the UAE and other crypto investors from across the globe supported the move. The citizens praised the Dubai Ruler for positioning the country into a platform of advancement and success. The world considers UAE a leader in cryptocurrencies assets, thus making it a developer on its level.
The country was the first to welcome various advancements in the cryptocurrency industry, thus increasing its capability of managing the assets. Investors across the globe reiterated that the announcement develops a good sign because it protects all investors and potential consumers.
The country’s decision to authorize the trading of crypto assets protects investors and consumers. The regulatory body shall develop measures that create a transparency level that replaces the traditional methods.
UAE’s decision comes as several governments try to regulate cryptocurrency. Countries like Venezuela support it while others like China have banned it.