In the coming days, the Supreme Legislation Committee (SLC) of Dubai will have bitcoin under its scanner. A discussion as to the present and future legislative policies and the legal frameworks surrounding bitcoin will be held during a workshop on November 20, 2016, as reported by regional publication Trade Arabia.
Titled ‘Virtual Currency: Fact and Law”, the workshop will see top officials from local and federal government entities in attendance. It could prove to be a notable event in the framing of bitcoin regulation in the Emirate of Dubai, as the workshop will also help spread awareness and knowledge of how virtual or cryptocurrencies work.
The mission of the SLC, which is tasked to develop and uphold an integrated legal system for Dubai, reads: “[To] provide favorable legal environment through up-to-date legislation and sound and effective legal opinions.”
To this end, SLC secretary general Ahmad bin Meshar Al Muhairi said of the workshop: “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.”
Notably, the official made an example of bitcoin, adding:
The term ‘virtual currency’ is relatively new, not only in the UAE and the region but also globally. Therefore, there is an urgent need to spread awareness about ‘Bitcoin’ (the first-of-its-kind currency which has become popular among the cryptocurrencies over the Internet) and to focus on the highest level of security and privacy within the virtual world.
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The official discussion surrounding bitcoin could lead to a significant endorsement of the cryptocurrency – which has largely been shunned, dismissed or threatened by governments around the world – by merely acknowledging it in a legal capacity.
Indeed, the Secretary General said the following of bitcoin and the need to educate officials in the Emirate about the cryptocurrency:
Considering its differences from traditional currencies on several levels, including the lack of central regulatory authority, we look forward to support officials at government bodies nation-wide with detailed information about the optimal use of this virtual currency. 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.
The workshop will be he held in cooperation with the Dubai Electronic Security Center (DESC), a recently established government initiative to shore up its cybersecurity infrastructure. Suffice to say, the DESC will prove a telling participant in the endeavor to craft legislation of bitcoin and virtual currencies.
DESC Executive Director Yousef Al Shaibani further claimed that the move will make Dubai a pioneer in establishing a legislative framework for bitcoin.
This reflects our belief that the emirate of Dubai and the United Arab Emirates should be among the first in the region and the world to establish a legislative framework and a financial and organizational structure for this technology, with the participation of all competent authorities in the emirate and the UAE.
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