Jordan to have cryptocurrency law by end of the year

A law to allow dealing in cryptocurrencies in Jordan will be ready before the end of this year, with officials hoping it will spur investment and boost the economy.

The Jordan securities commission (JSC) is working on the new regulations after the cabinet agreed in October to end a ban on crypto trading.

JSC chairman Emad Abu Haltam said the new rules aim to “provide a secure encrypted environment based on transparency and trust”.

“These regulations will include a clear framework for licensing brokerage and trading, custody services, platform operation, and financial services for offering and issuing virtual assets, in accordance with standards based on strong technical readiness, governance, working capital, and compliance with anti-money laundering and counter-terrorism financing requirements.” 

Like several other Arab countries, Jordan had banned cryptocurrency dealing on the grounds that it involves high risk and gives rise to money laundering.

In January Jordan’s cabinet tasked the JSC with developing a legal and regulatory framework with clear governance for dealing in virtual and digital assets within one year, after which it will be officially enforced.

Further reading:

• What’s happening with cryptocurrencies in the Gulf?
• Stablecoin thefts unlikely to scare off Middle East adopters
• UAE introduces regulations to clean up crypto market