The government of Dubai’s Supreme Legislation Committee (SLC) announced that it will discuss the bitcoin regulation, including current and future of legislative and legal frameworks, during a workshop that will be held on November 20.
According to the reports, the workshop titled ‘Virtual Currency: Fact and Law’ will take place in cooperation with the Dubai Electronic Security Center (DESC) that will see local and federal entities. The workshop aims to spread awareness among community members about rights, duties and legal obligations.
“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,” Ahmad bin Meshar Al Muhairi, SLC Secretary General said.
The workshop will see presentations on key topics including ‘Definition and Origin of Virtual Currency,’ ‘Methods of Verifying the Identity of Users as per Local and International Cyber Security Laws,’ ‘Comparison between Virtual and Paper Currency,’ among others. Dr. Marwan Al Zarouni, Director of Information Services at Dubai Electronic Security Center, will brief on general facts and will highlight the uses of virtual currency in money transfer and shopping. He will also focus on preventing fraud and money laundering. There will be in-depth discussions on ‘Legal and Legislative Frameworks of Virtual Currency at the International Level.’
“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 and to focus on the highest level of security and privacy within the virtual world,” he added. “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 nationwide with detailed information about the optimal use of this virtual currency.”
