Ammon News - The Cabinet, chaired by Prime Minister Jafar Hassan, approved the establishment of a comprehensive regulatory framework for virtual and digital assets within one year. The initiative aims to align with global standards and foster a robust digital economy in Jordan.

This decision follows directives from His Majesty King Abdullah II, supported by His Royal Highness Crown Prince Al Hussein bin Abdullah II, to advance the tasks of the National Council for Future Technology. It reflects Jordan's commitment to modernizing its financial technology sector and empowering innovative Jordanian youth to excel in the digital economy.

The Jordan Securities Commission has been tasked with defining the requirements for entities engaging in virtual assets and developing the legal and technical infrastructure to license and regulate global trading platforms. A preliminary study conducted by the commission highlighted the need for a regulatory framework aligned with international standards, focusing on combating financial crimes and ensuring governance.

A ministerial committee, chaired by the Minister of Digital Economy and Entrepreneurship and including key officials from the Central Bank of Jordan, the Jordan Securities Commission, the National Cybersecurity Center, and other entities, has been assigned to address challenges and oversee the regulatory process. The committee's mandate includes formulating a governance framework that fosters innovation while safeguarding investor interests.

The envisioned framework aligns with the Economic Modernization Vision, prioritizing a conducive environment for advanced technologies and innovation in the financial technology sector. By regulating virtual and digital assets, Jordan seeks to enhance its competitiveness in regional and global markets, attract investments, and create opportunities for local entrepreneurs.

The initiative also aims to mitigate risks such as money laundering and cyber threats, ensuring compliance with Financial Action Task Force (FATF) recommendations. Furthermore, the framework will encourage the development of innovative solutions by startups, bolstering the Kingdom's position as a regional leader in financial technology.

Jordan joins global leaders such as the United Arab Emirates, Bahrain, Turkey, the United States, and Japan in adopting regulatory measures for virtual assets. This step underscores the Kingdom’s vision of integrating into the global digital economy while achieving sustainable growth and advancing its FinTech capabilities. Petra