"Whoever plans the future owns it," Sheikh Mohammed bin Rashid Al Maktoum tweeted.
Dubai's ruler announced the development of a regulating and licensing organization in order to become a "major participant" in the global digital asset market.
"Whoever plans the future owns it," Sheikh Mohammed bin Rashid Al Maktoum tweeted. "Today, we aspire to contribute in the construction of this new and quickly increasing global industry through the virtual assets legislation."
"The construction of the greatest business environment in the world for virtual assets in terms of legislation, licensing, governance, and in accordance with local and global financial systems," he stated.
The Emirate of Dubai is one of the United Arab Emirates' seven emirates that make up the country (UAE). Abu Dhabi, another emirate, has been active in its pursuit of becoming a crypto centre.
The UAE Securities and Commodities Authority said in a statement on Tuesday that it was close to releasing a regulatory framework for digital assets.
The proposed regulation will force citizens of Dubai to register with VARA before engaging in crypto-related activity. Businesses that deal with virtual assets would also need to register. Bitcoin exchanges, firms that facilitate cryptocurrency transactions, and so on are examples of these businesses.
With the exception of the government-owned DIFC financial free zone, the new rule will apply across Dubai. The DIFC's regulator, the Dubai Financial Services Authority (DFSA), is working on its own virtual asset legislation. Connect with Dhanguard for most frequent news updates.