Regulating virtual, digital assets strategic choice for state — JSC
Chairman of the Board of Commissioners of the Jordan Securities Commission Adel Benno says on Sunday that the Cabinet's decision on regulating virtual and digital assets is a strategic choice for the state, and is in line with the objectives of the National Council for Future Technology (AFP file photo)
AMMAN — Chairman of the Board of Commissioners of the Jordan Securities Commission (JSC) Adel Bino on Sunday said that the Cabinet's decision on regulating virtual and digital assets is a strategic choice for the state, and is in line with the objectives of the National Council for Future Technology.
During an interview on the "Sunday Economic" TV programme, he said that the JSC is mandated to develop a regulatory legislative framework in order to build a safe legislative environment for dealers in this sector.
The decision came to "cryptocurrencies" and the goal at this stage is to regulate dealing with virtual currencies such as "Bitcoin and Ethereum", which are the largest tradings in the world, according to Bino.
He added: "What applies to traditional securities applies to digital assets," as Al-Mamlaka TV reported.
Bino stressed that trading in virtual currencies today in Jordan is prohibited through bank accounts, and through financial services companies licensed by the JSC, stressing that the ban is from the Central Bank of Jordan.
He pointed out that trading in digital assets at this stage will be for investment purposes, stressing that companies that trade in virtual assets will apply transparency and disclosure requirements.
He stressed that the tax rates and methods of application are left to the decision of the Income and Sales Tax Department, since they are considered as part of the income.
Bino noted that the use of virtual assets as a method of payment has not worked even in the developed countries.
He pointed out that each country adapts its regulatory framework to stop the risks it is trying to avoid, stressing that the legislative framework that will be worked on will be "broad" to achieve investor protection, and stressed that accounts in virtual assets will be subject to money laundering instructions.
Bino said that a large number of platforms in the region were founded by young Jordanian entrepreneurs.
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