PANews reported on March 9 that Sheikha Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, tweeted that Dubai has passed the first law regulating virtual assets and established an independent agency to oversee the development of virtual assets in Dubai in terms of regulation, licensing, governance, and consistency with local and global financial systems. He also said that the future belongs to those who design it (or virtual assets).