Crypto News Recap: UAE Rolls Out New Crypto Rules

Published March 14th, 2022 - 05:45 GMT
Crypto News Recap: UAE Rolls Out New Crypto Rules
According to the release, the crypto law will mandate residents of Dubai as well as businesses to register with VARA before engaging in crypto-related activity. (Shuttestock)
Highlights
If you were distracted by politics and weren't able to keep up with crypto news, here is all last week's stories in one link!

As the situation in Europe continues to take its toll on the crypto market, the US is tip-toeing towards the industry with President Biden inking the country’s first executive order on digital assets that had a relatively positive approach towards the sector. On MENA’s front, Dubai continues to lead the crypto scene as the Ruler of UAE announced a new crypto law.

If you were distracted by politics and weren't able to keep up with crypto news, here is all last week's stories in one link!

UAE Announces New Crypto Rule

The UAE's prime minister and ruler, Sheikh Mohammed bin Rashid Al Maktoum, has proposed a new law addressing virtual assets as well as establishing a crypto regulator in Dubai, dubbed Dubai Virtual Asset Regulatory Authority (VARA)

According to the release, the crypto law will mandate residents of Dubai as well as businesses to register with VARA before engaging in crypto-related activity. VARA is expected to classify and specify the types of virtual assets that would fall under the category of legal assets for trading.


UAE Papa Johns Launches Their First NFT Collection

As part of its metaverse's largest ever NFT giveaway, UAE Papa Johns has jumped into the NFT bandwagon with their first collection of cool, collectible, and environmentally friendly NFTs.  
 

Throughout March, 9 of the 19,840 NFTs will be released on-trend bag styles inspired by the pizza delivery hot bag. Pizza fans simply need to have a crypto wallet and sync it with Papa John’s link or just order pizza and scan the QR code on a pizza box leaflet for details of how to redeem the NFT. 

Biden Signs Long-Waited Crypto Order

US President Joe Biden inked the long-awaited executive action on digital assets. The news of this upcoming document has spooked the already nervous markets, but however, the document's language is generally supportive, with the primary focus being on the coordination and consolidation of numerous agencies' efforts within an uniform national strategy, Cointelegraph reported.

Consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States' global financial leadership, and combating illicit financial activity are among the six key areas of the federal government's involvement with the digital asset ecosystem identified in the order, which directs specific agencies to lead in designated policy and enforcement domains.

 


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