UAE grabbed its first independent agency to regulate crypto

Dubai Virtual Assets Regulatory Authority became the independent agency of UAE to control and regulate the crypto market.

Dubai is a Persian Gulf coast of the United Arab Emirates-based region, which is popular in the world because of its Burj Khalifa as the tallest building in the world and now UAE is going to take its step into the crypto industry as the biggest regulator in the crypto Industry.

On 9 March, A leader of Dubai notified his followers that the government finally approved the independent agency to oversee the crypto market in the United Arab Emirates (UAE).

The newly created independent agency is Dubai Virtual Assets Regulatory Authority ( DVARA) and it will keep eye on the Crypto industry’s operations in UAE to ensure the security of the investors and also to bring transparency in the operations of the crypto companies with better cooperation.

Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM

— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022

According to the report, this newly created agency will also take care of every crypto company or exchange, Whether they are doing works without manipulation of the price of crypto assets or not and also will monitor the portfolio of the crypto companies to avoid any kind of manipulation or illegal activities.

Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister, commented on this new step of the government.

The Prime minister said:

“The future belongs to whoever designs it…our step is a leap towards the future aimed at developing this sector and protecting all investors in it.”

Changpeng Zhao, CEO of Binance exchange, also quoted this effort of UAE to regulate the crypto Industry and suggested maintaining clarity on the rules and regulations.