The UAE Cabinet recently updated some of its legislation which  included those pertaining to virtual businesses and virtual assets. The UAE is considering the provision of services and the conduct of business and activities related to virtual assets and virtual businesses based on its new commercial law.  As such businesses dealing either virtually or with virtual assets are considered commercial businesses within the UAE as on shore businesses. This comes after the UAE Cabinet of Ministers issued its decision on virtual assets regulation in December 2022 and which will come into effect in January. As per UAE’s Undersecretary of the Ministry of Economy, Abdullah Al Saleh, developing the business sector is a strategic goal for the state, and providing a legislative environment that stimulates its growth is a top priority. His comments were made during a media briefing , organized by the Ministry of Economy, to introduce Federal Decree Law No. 50 of 2022 regarding com...