The Supreme Legislation Committee in the Emirate of Dubai (SLC) has announced that it will discuss the present and future of the legislative and legal frameworks related to cryptocurrency known as Bitcoin during an upcoming workshop.

In cooperation with the Dubai Electronic Security Center (DESC), the workshop on ‘Virtual Currency: Fact and Law’ will be held on November 20 amid high-level attendance of local and federal government entities. The workshop will be held to enrich knowledge and spread awareness among community members about rights, duties and legal obligations in line with the SLC General Secretariat's commitment to strengthen the legal system to keep pace with the developments of the 21st century.

Ahmad bin Meshar Al Muhairi, SLC secretary general, said: “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.”

“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.

“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,” concluded Al Muhairi.

Yousef AlShaibani, DESC executive director, stressed the importance of providing knowledge and information support to all legislative and financial sectors in the UAE regarding latest developments in the use of technologies, including virtual currency and digital transactions (Blockchain).

“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,” AlShaibani added. – TradeArabia News Service