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Dubai Adopts Initial Crypto Law, Establishes Independent Authority for Oversight
"The future belongs to whoever designs it," tweeted Sheikh Mohammed bin Rashid Al Maktoum.
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.
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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