Dubai authorities have set up a new regulatory body designed specifically to regulate the cryptocurrency market, UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum wrote on Twitter.
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The new watchdog called the Dubai Virtual Assets Regulatory Authority will cooperate with all related entities to ensure "maximum transparency and security for investors." According to reports, the regulator will also handle the UAE's crypto licensing regime and monitor trades to prevent price gauging.
Meanwhile, the United Arab Emirates is planning to start granting cryptocurrency companies with federal licenses by the end of the first quarter. According to anonymous sources close to the matter, the local financial regulator — the Securities and Commodities Authority — is in the final stage of amending legislation.
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