Speaker proposes law regulating virtual assets in Bahrain | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Speaker proposes law regulating virtual assets in Bahrain | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bahrain Parliament Speaker Fawzia bint Abdullah Zainal yesterday tabled a proposal for creating a legal framework for businesses related to virtual assets in the Kingdom. “This would enhance the strategy of economic diversification and support the transformation of the Kingdom into a global investment centre in the digital economy and virtual assets,” said the Speaker, adding that the proposed law aims at attracting more foreign investments and entrepreneurs to the Kingdom. Zainal said the law serves the idea of not relying on oil products as a primary source of public revenue. Dubai, last month, has adopted a law that regulates virtual assets, including cryptocurrencies such as Bitcoin and non-fungible tokens. The digital economy contributes about 4.3 per cent to the UAE’s gross domestic product. The Dubai Virtual Asset Regulatory Authority (VARA), which will be established under the new law, will regulate the sector throughout the emirate, including special development zones and free zones, but excluding the Dubai International Financial Centre. Zainal affirmed that the proposed law would uplift the Kingdom’s aspirations of comprehensive development, which, in turn, calls for creating an appropriate legislative climate. National Economy, Speaker said, has its basis on social justice and fair cooperation between public and