Thoughts on the Digital Currencies (Crypto)

Talking about Digital currency has become increasingly popular in many countries and societies recently, not only amongst the business and economic men, but also between different society categorises as it is thought to be a rapid way to wealthiness.

To cover all aspects of that subject, either financially, economically, legally, or even the legislative element, and clarify the risks of handling and using Digital currencies (Crypto), we will need a series of articles. Therefore, hopefully, more seminars will be held in the future to discuss the same by financial, economic, and legal specialists in this field. We will handle in this series of articles the legal and legislative aspect Digital currencies (Crypto) in UAE apart from other aspects as it is our field of specialization. Hopefully we can help anyone who would like to deal with these currencies to be aware of the related legal and legislative aspects.

First, we need to identify the Digital currencies (Crypto), where it comes from, and their historical development?

In this article and the upcoming ones, we will talk about Bitcoin as it is the most famous and exchanged one.

Several definitions describe Digital currencies, we will summarize some of them, they are the currencies that are primarily managed, stored, or exchanged on digital computer systems, especially over the internet.

Digital currencies (digital money, electronic money or electronic currency) is any currency, money, or money-like asset generally do not have a classical physical form of the traditional currency that you can directly hold in your hand,

The most significant characteristics of digital currencies are that they allow instantaneous transactions and transfer of ownership directly, without borders and restrictions.”

In this regard, we refer to Law No. 4 of 2022 regarding Regulating Virtual Assets in the Emirate of Dubai. Subject to this law,” the virtual asset is a digital representation of a value that can be digitally traded, transferred, or used as a tool for exchange, payment, or investment purposes, and includes virtual tokens and any digital representation of any other value determined by the Authority in this regard.

In that short brief, we tried to give a summary of Digital currencies and their legal and legislative aspects. In the upcoming articles, we will try to discuss the risks of dealing in digital currencies, whether dealing in these currencies is available within the UAE, and is there any legislation, law, or regulation within the UAE to regulate the trading of digital currencies?


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