Jordan has launched an initiative to establish extensive regulations for digital assets just weeks after announcing an ambitious blockchain travel plan.
Prime Minister Jafar Hassan was chairman of a recent cabinet meeting focusing on new technicians, who approved a plan to draw up the framework. Jordan strives to adapt its framework with global digital asset standards to increase the country’s digital economy, the state news agency Jordan reported.
Hassan got the country’s Securities Watchdog to develop the requirements for virtual asset service providers (VASP) that worked in the Middle East nation. Jordan Securities Commission (JSC) will also develop a license frame and monitor the issuance of licenses to qualified applicants. The Commission has previously conducted a national study that concluded that Jordanian investors need a regulation to Protect them from villainous operators.
The Prime Minister also appointed a committee to monitor the wording of the framework, chairman of the country’s digital economy and entrepreneurship, with the central bank officials, the Securities Commission, the National Cybersecurity Center and other important stakeholders as some of the members.
The framework will be the latest effort in Jordans Vision of economic modernizationwhich aims to create a possible environment for the adoption of new technologies. When digital assets become one of the fastest growing technical sectors, the Prime Minister believes regulate the industry will enable Jordan to compete with other global hubs and attract investment.
The press for digital asset regulation comes just weeks after the country’s ministerial council approved a plan to integrate blockchain into public service activities. The Council believes that blockchain can free the land bureaucracy, corruption and inefficiency. Experts say Jordan can save up to $ 5 billion with Integrate blockchain into government operations. The move followed launch of a national blockchain network 2024.
Jordan joins other nations in the Middle East and presses on the adoption of blockchain and digital access. The region received $ 338 billion during the year, which ended June 2024, and accounted for 7.5% of all global digital asset transaction volume, chain analysis revealed. Turkey remains the regional digital asset leader and is ranked 11th for adoption globally. The United Arab Emirates and Saudi Arabia registered the highest growth in the assumption.
However, the region is behind Asia and Europe in digital asset rules, which gives Jordan a primary opportunity to break away and establish itself as the first with a comprehensive framework.
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