The government of Dubai wants to lay the foundations for legislation on bitcoin regulation. The supreme court committee of Dubai held an assembly together with the Dubai Electronic Security Center. There, the future regulation of digital currencies should be discussed under the title “Virtual Currencies: Fact and Law”. In addition to the legal representatives, high-ranking government representatives were also present.
The General Secretary of the Supreme Court, Ahmad bin Meshar Al Muhairi, said that the Assembly is a crucial step in the regulation of digital currencies, as it is urgently necessary to create a legal framework.
The ambitions of Dubai are anything but unexpected. Finally, since the beginning of the year Dubai has been pushing ahead with the research of blockchain technology. The state also cooperates with regional Bitcoin start-ups such as BitOasis. This spring resulted in the first proof-of-concept work, which included, among other things, the use of blockchain for state administration (e-governance). For example, Documents from authorities in a corresponding network.
Nevertheless, Dubai’s legislative is still at an absolute initial stage. Al Muhairi also stressed the need for far-reaching training at the state level. “Through this gathering, we will be able to generate new knowledge about the international legislation on bitcoin in order to cope with the worldwide increased pace of transformation.”