Supreme Legislation Committee to host workshop on the present and future of legislative & legal frameworks of Bitcoin

UAE, November 16, 2016-- The Supreme Legislation Committee in the Emirate of Dubai (SLC) has actually revealed that it will certainly talk about today and also future of the legislative and also lawful structures connected to cryptocurrency referred to as Bitcoin throughout a workshop on 'Digital Money: Truth as well as Legislation'. Together with the Dubai Electronic Security Center (DESC), the session will certainly be hung on November 20, 2016 amidst top-level participation of regional and also federal government entities. The workshop will certainly be held to enhance understanding and also spread understanding amongst area participants regarding legal rights, tasks as well as lawful responsibilities in accordance with the SLC General Secretariat's dedication to reinforce the lawful system to equal the advancements of the 21st century.

The schedule of the workshop consists of abundant extensive conversations on Legal and Legislative Frameworks of Virtual Currency at the International Level.'Throughout the session, Dr. Marwan Al Zarouni, Director of Details Solutions at Dubai Electronic Safety Facility, will certainly display general realities, will certainly clarify 'virtual currency' on the planet, will certainly highlight its usages in cash transfer as well as purchasing, and also will certainly concentrate on avoiding scams and also cash laundering. Various other vital subjects will certainly consist of the 'Meaning as well as Beginning of Digital Money,' 'Techniques of Validating the Identification of Customers based on Regional and also International Cyber Safety and security Rule,' as well as 'Contrast in between Online as well as Paper Money.'

H.E. Ahmad bin Meshar Al Muhairi, SLC Secretary General, shared his satisfaction together in between the SLC as well as the DESC to arrange the workshop. He stated: "The step belongs to our proceeding initiatives to construct a lawful data base according to our tactical goals in enhancing the lawful system and also creating the legislative procedure to accomplish the goal as well as practical demands for preparing leading regulation that mimics fact as well as expectations the future, in accordance with the smart advice of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai."

"The term 'virtual currency' is fairly brand-new, not just in the UAE as well as the area however likewise worldwide. Consequently, there is an immediate have to spread out understanding regarding 'Bitcoin' (the first-of-its-kind money which has actually come to be prominent amongst the cryptocurrencies online) as well as to concentrate on the highest degree of safety and security and also personal privacy within the digital globe. Considering its distinctions from typical moneys on a number of degrees, consisting of the absence of main regulative authority, we waiting to assistance authorities at federal government bodies nation-wide with in-depth details concerning the ideal use this online money. This will certainly accustom them with the methods international legislation handle 'Bitcoin', which is currently formally acknowledged worldwide because of the increased speed of the clever improvement," wrapped up H.E. Bin Meshar.

For his component, H.E. Yousef Al Shaibani, DESC Exec Director, worried the eagerness of DESC to supply recurring assistance for all markets and also divisions to attain the vision and also approach of the facility in constructing a protected facilities. H.E. Al Shaibani additionally worried the relevance of giving understanding and also info assistance to all legislative as well as economic industries in the UAE concerning most current advancements in using modern technologies, consisting of virtual currency as well as electronic purchases (Blockchain)."This mirrors our idea that the emirate of Dubai as well as the United Arab Emirates must be amongst the initial in the area as well as the globe to develop a legislative structure and also a monetary as well as business framework for this modern technology, with the participation of all skilled authorities in the emirate as well as the UAE," H.E. Al Shaibani included.