Jordan Plans Comprehensive Virtual Asset Regulation Framework

According to Odaily, Jordan has announced its intention to establish a comprehensive regulatory framework for virtual and digital assets within a year. This initiative aims to align with global standards and boost the country's digital economy. The Jordan Securities Commission (JSC) will lead the effort, supported by the National Committee for Future Technologies, focusing on creating the necessary legal and technical infrastructure to oversee cryptocurrency exchanges and virtual asset activities. A ministerial committee, led by the Minister of Digital Economy and Entrepreneurship and comprising officials from the country's central bank, JSC, and the National Cyber Security Center, will manage challenges and guide the implementation of these regulations. This move comes as Jordan seeks to address vulnerabilities highlighted by the Financial Action Task Force (FATF), which placed Jordan on its grey list in 2023 due to concerns over virtual asset risks and money laundering vulnerabilities.