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ARTICLE · 29 MARCH 2022

Dubai Passes Landmark Law Regulating Virtual Assets (Including Cryptocurrencies)

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On February 28, 2022, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, approved Law No. 4 of 2022 on the Regulation of Virtual Assets in the Emirate of Dubai (the "Virtual Assets Law").

United Arab EmiratesFinance and Banking
Wael Jabsheh
Wael Jabsheh
Rizwan Kanji
Rizwan Kanji
Mazen Baddar
Mazen Baddar
Sahar Abas
Sahar Abas
Ivan Muzraev
Ivan Muzraev
Syed Rizvi
Syed Rizvi
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On February 28, 2022, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, approved Law No. 4 of 2022 on the Regulation of Virtual Assets in the Emirate of Dubai (the "Virtual Assets Law"). The landmark Virtual Assets Law is an exciting and significant legislative development in Dubai and is applicable to virtual asset services provided throughout the Emirate of Dubai and Dubai's special development and free zones (with the exception of the Dubai International Finance Centre ("DIFC")). The Virtual Assets Law serves as an important step in establishing the Emirate of Dubai's position in the virtual assets sector and will undoubtedly have important implications for the future landscape of virtual assets in Dubai. The enactment of the new Virtual Assets Law is reflective of the increasing interest in virtual assets in the United Arab Emirates ("UAE") and the region more generally.

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