Dubai Legislators to Discuss Bitcoin Regulation

Dubai’s government is laying the groundwork for developing legislation around bitcoin and digital currencies.

AccessTimeIconNov 17, 2016 at 4:01 p.m. UTC
Updated Sep 11, 2021 at 12:37 p.m. UTC

Dubai’s government is laying the groundwork for developing legislation around bitcoin and digital currencies.

The Supreme Legislation Committee in the Emirate of Dubai, in partnership with the Dubai Electronic Security Center, is set to hold a one-day gathering entitled “Virtual Currencies: Fact and Law” on 20th November. Government officials from both local and national-level jurisdictions are expected to attend.

Ahmad bin Meshar Al Muhairi, secretary general for the Supreme Legislation Committee, said of the event:

“The move is part of our continuing efforts to build a legal knowledge base in line with our strategic objectives in strengthening the legal system and developing the legislative process to achieve the objective and realistic requirements for drafting leading legislation that simulates reality and outlooks the future.”

That Dubai would at least begin putting the pieces in place to create comprehensive legislation around bitcoin is perhaps unsurprising.

Since the start of this year, its government has aggressively pursued research into the technology, partnering with regional bitcoin startups like BitOasis. Those early steps had developed into proofs-of-concept by the spring, including plans to use blockchain to back up government documents and create connected device networks.

For now, Dubai’s legislative body appears to be in a learn-and-see stage.

In statements, Al Muhairi argued that the venue would provide an opportunity for members of Dubai’s government to gain a better understanding of the tech.

“This will acquaint them with the ways international law deals with ‘bitcoin’, which is now officially recognized worldwide due to the accelerated pace of the smart transformation,” he said.

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