Sheikh Mohammed lauds son as Dubai becomes world's largest licenced virtual asset market

On the third anniversary of the Dubai Virtual Assets Regulatory Authority, Dubai's Ruler announced the bustling city leads as the largest licensed virtual assets market in the world, with transactions exceeding Dh2.5 trillion since the beginning of the year.

The authority, created under the supervision of Sheikh Maktoum bin Mohammed, currently oversees more than 40 licensed virtual asset service providers and trading volumes.

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Sheikh Maktoum also announced on Sunday, October 12, the approval of the Dubai Financial Sector Strategy during the meeting of the Higher Committee for the Development of the Economic and Financial Sector in Dubai, along with its transformative projects.

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"An entirely new economic sector has been added to our national economy in just three years .. Thank you, Maktoum bin Mohammed .. with you, we are confident in the future of our national economy," praised his father, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

During the meeting, Sheikh Maktoum also reviewed the key achievements of the Dubai Financial Market (DFM) and the Dubai Virtual Assets Regulatory Authority (VARA).

"This reflects the vision of Sheikh Mohammed bin Rashid Al Maktoum, who issued the world’s first law regulating virtual assets three years ago to cement Dubai’s leadership in future economic and financial sectors," said the leader, while acknowledging his father's efforts while laying the foundational bricks of the authority.

The leader stressed that they remain committed to advancing "our financial and economic ecosystem, and ensuring that Dubai continues to serve as a global model for emerging economic sectors and the leading hub for future economy".

• Dubai

Laraib Anwer

laraib@khaleejtimes.com

Laraib Anwer is a Digital Journalist who loves the thrill of breaking headlines almost as much as she does unapologetically using GenZ slang. She dreams of a world free of animal cruelty and hopes to tell community stories that make a difference.