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Dubai passes new crypto law and establishes a regulatory authority to oversee it

Dubai implemented crypto asset regulation on Wednesday, joining Singapore, the United States, the United Kingdom, El Salvador, and other countries that have enacted cryptocurrency legislation.

Sheikh Mohammed Bin Rashid, the ruler of Dubai, announced on Wednesday that the emirate has enacted its first law governing virtual assets and has also established an independent regulator to oversee the cryptocurrency sector. "Adopting the virtual assets law and establishing the Dubai Virtual Assets Regulatory Authority is an important step in establishing the UAE's position in this sector, a step that aims to help the sector grow and protect investors," he said.

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