Parliamentary Innovation Committee Approves 2025 Virtual Assets Regulation Bill - Jordan News
The House Digital Economy and Entrepreneurship Committee, chaired by MP Hussein Krishan, approved the 2025 draft law on the regulation of virtual asset dealings during a meeting held on Sunday. اضافة اعلان Present at the meeting were Minister of Digital Economy and Entrepreneurship Sami Samirat, Minister of State for Legal Affairs Fayez Al-Qudah, and Minister of State for Economic Affairs Mohannad Shehadeh. Krishan emphasized that the bill marks a strategic milestone in Jordan's digital transformation journey. He noted that the legislation is not only about regulating an emerging market but also about strengthening the legislative infrastructure, attracting global investments, and creating a competitive environment for pioneering Jordanian platforms in the virtual asset sector. 'We are presented with a golden opportunity to invest in the digital economy within a transparent and fair legal framework that protects rights, advances the national economy, and cements Jordan's position as a regional and global leader in fintech,' he stated. According to its explanatory memorandum, the bill aims to regulate activities related to virtual assets, providing a supervisory and regulatory framework that balances support for technological innovation with the need to maintain financial and economic stability. It also aligns with international standards, particularly in anti-money laundering and counter-terrorism financing. The draft law outlines the responsibilities and authorities of the Jordan Securities Commission (JSC), including licensing service providers, ensuring compliance with legal requirements, and applying appropriate regulatory measures. Minister Samirat highlighted that the bill is the culmination of ongoing efforts to build a legislative structure that protects users' and investors' rights and keeps pace with the sector's rapid development. He pointed out that Jordan would be among the first countries in the region to adopt such comprehensive legislation, enhancing the digital investment climate. Minister Al-Qudah stressed that the bill was prepared in collaboration with relevant regulatory and legislative bodies, underscoring the government's commitment to striking a balance between digital empowerment and legal protection while creating an effective regulatory environment that promotes transparency and curbs misuse of virtual assets. Minister Shehadeh described the bill as a pivotal step in advancing the digital economy, highlighting its role in attracting investments and creating new job opportunities by fostering innovation in the virtual assets sector. He noted that a clear legal framework would boost investor confidence and encourage global players to enter the Jordanian market.
Parliament members Fleih Al-Khadeir, Dina Al-Bashir, Moayyad Al-Alawneh, Hamed Al-Rahamnneh, Ahmad Al-Alimat, and Abdulbaset Al-Kabariti also underscored the importance of ensuring sufficient safeguards to protect the rights of investors and users, while enhancing regulatory and transparency mechanisms in line with international standards for combating money laundering and terrorist financing.
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