Jordan is set to introduce a comprehensive legal framework for cryptocurrency trading before the end of the year, a strategic move aimed at spurring investment and strengthening its digital economy. The Jordan Securities Commission (JSC) is spearheading the development of these new regulations, following a landmark decision by the country’s cabinet in October to lift a long-standing ban on crypto trading.
A New Regulatory Framework
The upcoming legislation aims to create a clear and structured environment for the burgeoning virtual assets market. The regulations will address key areas including the licensing of brokerage and trading services, custody solutions, and the operation of digital asset platforms. Furthermore, the framework will establish guidelines for financial services related to the offering and issuance of virtual assets.
Emad Abu Haltam, Chairman of the JSC, emphasized that the new rules are designed 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,” Haltam stated.
From Ban to Regulation
This development marks a significant policy shift for Jordan, which, like several other nations in the region, had previously prohibited cryptocurrency dealing. The initial ban was instituted due to concerns over high financial risks and the potential for illicit activities such as money laundering.
The reversal began in January when Jordan’s cabinet officially tasked the JSC with developing a legal and regulatory framework for virtual and digital assets. The commission was given a one-year timeline to complete the project, after which the new laws will be officially enforced, positioning Jordan to capitalize on the growing global digital asset industry.
About The Jordan Securities Commission
The Jordan Securities Commission (JSC) is the public institution responsible for developing, regulating, and monitoring the capital market in Jordan. Its mission is to protect investors and the national economy from the risks of the securities market while ensuring fairness, transparency, and efficiency.
Source: AGBI
