Crypto and blockchain lawyer IrinaHeaver believes that the new development is good for founders, investors and consumers within the United Arab Emirates.
Irina Heaver, a UAE-based crypto and blockchain lawyer, explained that the move has several implications. According to Heaver, the new law ensures that entities that engage in crypto activities must secure a license and approval from the new regulator. Non-compliance could lead to a hefty fine. She explained:
“Failure to comply leads to heavy sanctions, such as a fine of up to 10 million AED , disgorgement of profits and even criminal investigation by the public prosecutor.” Heaver highlighted that the law is expected to come into force on Jan. 14 and would require crypto entrepreneurs operating in the country to conform. “Every crypto and Web3 project operating in the UAE will have to structure a way to comply with the new federal law and all of the existing laws,” she explained.Meanwhile, despite the minimum requirements for virtual asset service providers being attainable, the lawyer thinks that many firms may have some difficulties.
Overall, the lawyer believes that this new development is good for founders, investors and consumers within the UAE and that regulatory clarity gives the country the right ingredients to be the “Web3 capital of the world.”
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