Odaily Planet Daily News The United Arab Emirates (UAE) has passed a new law governing virtual assets, establishing the country's initial regulatory regime for the cryptocurrency sector at the federal level. Irina Heaver, a UAE-based crypto and blockchain lawyer, explained that the move has several implications. According to Heaver, the new law ensures that entities engaged in crypto activities must obtain a license and approval from the new regulator. Failure to comply could result in heavy fines, confiscation of profits, or even criminal investigations by prosecutors. The law is expected to take effect on January 14 and will require compliance by cryptocurrency entrepreneurs operating in the country. Every crypto and Web3 project operating in the UAE must build a way to comply with the new federal law and all existing laws. (Cointelegraph)