Crypto and blockchain lawyer IrinaHeaver believes that the new development is good for founders, investors and consumers within the United Arab Emirates.
Irina Heaver, a UAE-based crypto and blockchain lawyer, explained that the move has several implications. According to Heaver, the new law ensures that entities that engage in crypto activities must secure a license and approval from the new regulator. Non-compliance could lead to a hefty fine. She explained:
“Failure to comply leads to heavy sanctions, such as a fine of up to 10 million AED , disgorgement of profits and even criminal investigation by the public prosecutor.” Heaver highlighted that the law is expected to come into force on Jan. 14 and would require crypto entrepreneurs operating in the country to conform. “Every crypto and Web3 project operating in the UAE will have to structure a way to comply with the new federal law and all of the existing laws,” she explained.Meanwhile, despite the minimum requirements for virtual asset service providers being attainable, the lawyer thinks that many firms may have some difficulties.
Overall, the lawyer believes that this new development is good for founders, investors and consumers within the UAE and that regulatory clarity gives the country the right ingredients to be the “Web3 capital of the world.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UAE names ADNOC chief Jaber as COP28 climate conference presidentThe United Arab Emirates said on Thursday that Sultan al-Jaber, the head of state oil giant ADNOC, would act as president of the COP28 climate conference it is hosting this year.
Read more »
'You Couldn't Make It Up': Head of UAE Oil Company Appointed Chair of UN Climate SummitClimate campaigners on Thursday warned that the United Arab Emirates all but guaranteed that the United Nations' annual climate conference has already been captured by the fossil fuel industry as it announced the head of the country's state-run oil company will be presiding over the summit later thi
Read more »
UAE Sparks Backlash After Appointing Oil Company Chief to Lead UN Climate TalksThe United Arab Emirates on Thursday named the CEO of a state-run oil company who also oversees renewable energy projects to be the president of the upcoming United Nations climate negotiations in Dubai, drawing criticism from activists and highlighting the balancing act ahead for this crude-producing nation.
Read more »
An open letter to Gov.-Elect Shapiro: please recognize April as Arab American heritage month | OpinionArab Americans are not new to this nation.
Read more »
Harris County prosecutor, TikToker 'Chef Way' under fire for racist tweets against Black womenA lawyer with the Harris County District Attorney's Office is receiving backlash...
Read more »
FTX locates $5 billion in cash and liquid crypto, contemplates saleFTX located $5 billion in cash and liquid crypto, a lawyer told a bankruptcy court judge.
Read more »