Jordan Daily – The Cabinet, chaired by Dr. Jafar Hassan, approved the draft law on virtual asset transactions for 2025, moving it forward for legislative review.
This follows the recent establishment of a regulatory framework for virtual assets, aligning with the directives of the National Council for Future Technology. The draft law responds to rapid global technological and economic shifts, aiming to create a clear legal framework for virtual asset transactions, now a key part of the global financial system.
The law seeks to balance technological innovation with financial stability, ensuring transparency and compliance with international standards, especially anti-money laundering measures. It aims to boost investor confidence by providing a clear legal environment, promoting economic growth, and attracting investment to the Kingdom.
Additionally, the law aims to limit risks tied to unregulated virtual asset dealings, reducing market volatility and protecting financial stability. It harmonizes local regulations with global best practices, enhancing cross-border cooperation to combat financial crimes.
The draft law sets guidelines for permissible activities and imposes penalties for violations, ensuring compliance. It allows the licensing of virtual asset activities but restricts their use for payments, except under conditions set by the Central Bank of Jordan.
