Khaberni - In terms of supporting investment in virtual assets, the Cabinet decided to approve the justifying reasons for the virtual asset service provider licensing system project for the year 2025, and to proceed with the procedures of its enactment according to the established norms.
The system project is in line with the law regulating dealing with virtual assets, which was passed by the House of Representatives last May.
At the beginning of this year, the Cabinet tasked the Securities Commission to establish a comprehensive legal regulatory framework with clear governance for dealing with virtual and digital assets within a year.
The government’s decision to regulate dealings in virtual and digital assets coincides with the tasks and programs of the Council for Future Technology, which was formed by the Prime Minister under directives from His Majesty King Abdullah II, and is closely monitored by HRH Prince Hussein bin Abdullah II, the Crown Prince.
The system project comes to keep up with changes witnessed by the world in terms of the entry of virtual and digital assets, which present an opportunity for the Jordanian youth to engage in the virtual digital economy, especially since among the best platforms for digital currencies and virtual assets in the region were founded by Jordanians.
The project aims to launch a secure digital working environment that regulates the activities of virtual assets in the Kingdom, in line with the government's existing directions and projects in the fields of digital transformation, data management, and the expansion of using artificial intelligence, and allowing the use of virtual assets; for the purpose of enabling companies and investors to conduct their business in this field with confidence and clarity, through a legislative framework and clear governance that ensures transparency, security, and financial stability.
It also aims to enable and enhance innovation by regulating the virtual asset sector in a disciplined manner, opening up new horizons for investment and making the Kingdom an attractive destination for digital business on a regional level, according to global standards and best international practices in this field, which serves to enhance the confidence of local and foreign investors through obtaining clear and transparent licenses to undertake activities in virtual assets and technological investment such as trading, depositing, transferring, and other related services.
The system also sets precise licensing standards that raise the level of security, transparency, and discipline in transactions and allow for innovative virtual investment products and emerging projects in the digital economy within the Kingdom.
The system project works to support the youth and entrepreneurs and encourage innovation in the field of virtual assets and financial technology. It contributes to attracting local and international capital and investments in a promising and rapidly growing market, which serves to achieve the goals of the Economic Modernization Vision.
The presence of licensed platforms for dealing in virtual assets of various types in the Kingdom will inject new liquidity in innovative forms; this will reflect directly or indirectly on a number of vital sectors including financial and service sectors such as information technology, smart solutions, energy, telecommunications companies, and other sectors, thus contributing to the establishment of a promising, modern, safe, and regulated digital environment; which consolidates the Kingdom's position as a leading regional center in the field of the digital economy and virtual assets.
