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Dubai Adopts Its First Cryptocurrency Legislation

Dubai Police will start using state-of-the-art artificial intelligence technology to analyze the blockchain ledgers.

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2 years ago

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dubai adopts its first cryptocurrency legislation
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Like all technology, cryptocurrency can be used for both legitimate and nefarious purposes.

To establish Dubai as a cryptocurrency leader with a positive influence on the entire market, the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum has recently announced the adoption of the first legislation in the UAE to regulate cryptocurrency assets.

To oversee the execution of the new law and serve as a regulator of crypto activities, the Virtual Asset Regulatory Authority (VARA) has been set up in Dubai. One of VARA’s main responsibilities is the monitoring of virtual asset transactions to prevent price manipulations and other financial crimes. That’s no easy task to accomplish because popular cryptocurrencies like Bitcoin are pseudonymous, allowing asset holders to keep their real identities hidden.

Fortunately for VARA, Dubai Police’s cybercrime unit has been developing and using cutting-edge technology to make sense of virtual asset transactions.

“Technology is changing the world, and law enforcement is a part of that change. In order to combat crime, we are constantly researching new technologies” said Brigadier Dr. Saleh Al Hamrani, Dubai Police’s Deputy Director-General of Excellence and Entrepreneurship.

More specifically, Dubai Police is using state-of-the-art artificial intelligence (AI) technology to analyze the blockchain ledgers, which are essentially growing lists of records that are linked together as blocks using cryptography.

Also Read: 5 Gaming Cryptos That Will Explode In 2023

“We are going to work on the next generation of AI technology to help predict how and what are the risks we are going to face so that we are ready both internally and externally” Brig. Dr. Saleh added. “We are working and implementing AI not only for crime but also for traffic, security at the airport, and marine security”.

In the near future, the regulator of DIFC Dubai Financial Services Authority (DFSA) is also supposed to publish its own cryptocurrency regulation, and we will definitely keep you informed about it.

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NASA Forms New Partnership With Saudi Space Agency

The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.

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2 days ago

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May 16, 2024

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nasa forms new partnership with saudi space agency
Saudi Space Agency

Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.

Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.

The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.

Also Read: Plans Underway For Massive Middle East Autonomous Freight Network

During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.

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