Kavan Choksi: Can Dubai's New Virtual Assets Law Empower Start-Ups?

Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, has issued the Dubai Virtual Asset Regulation Law to protect investors and govern the virtual assets industry. Kavan Choksi believes this move is timely and necessary to spur growth in the virtual assets sector.

The newly formed Dubai Virtual Asset Regulatory Authority (VARA) will oversee, supervise, and regulate virtual asset services. In addition, it will establish the rules and controls that govern the conduct of virtual asset activities, like management, clearing, and settlement services, in addition to categorizing and specifying types of virtual assets.

The UAE and the United States are Leaders in Adopting and Regulating Digital Assets.

The UAE is staying ahead by establishing a government-led authority and infrastructure to measure and facilitate the growth of virtual assets. Kavan Choksi states that this assistance from the government is crucial to bolstering the business ecosystem of the UAE.

On Wednesday, United States President Joe Biden signed an executive order urging the US Congress to regulate cryptocurrency in an effort he claims will protect consumers and businesses in the US. In addition, it will investigate whether the United States can launch its own digital currency.

Kavan Choksi believes the significance of the new UAE digital assets law reflects the growth of this sector in the UAE and the region. The UAE's new virtual assets law and the US' new Executive Order establishing the framework of cryptocurrencies indicate that both countries are emerging as global leaders in adopting and regulating digital assets.

The impact of Dubai's Virtual Assets Law on New Businesses and Real Estate

According to Kavan Choksi, the passage of the virtual assets law and the establishment of the Dubai Virtual Assets Regulatory Authority are important steps forward for Dubai. According to Choksi, it will impact business start-ups and established businesses opening offices in Dubai. In addition, it will also affect innovation, job creation, and more, proving that Dubai's vision prepares itself for future advancement.