The rate of digital asset adoption in the Middle East is steadily increasing. This time, the news comes from Jordan. On 26 January 2025, Jordan approved the creation of a regulatory framework to govern digital assets. The initiative will be implemented within a year.
The country wants to strengthen its digital economy and to keep up with the ever-changing landscape of the crypto world. As such, this initiative is a part of the country’s strategy to align with global crypto standards.
This initiative will be spearheaded by the Jordanian Securities Commission (JSC). The National Council for Future Technology will be supporting this initiative. The goal is to create a technical infrastructure to oversee crypto trading platforms and digital asset activities.
The implementation of these regulations will be managed and guided by a ministerial committee – the Minister of Digital Economy and Entrepreneurship along with officials from the Central Bank, JSC and National Cybersecurity Centre form the committee.
This initiative can be seen as a follow up to address gaps flagged by the Financial Action Task Force (FATF). The FATF had placed Jordan on its grey list in 2023 following concerns over virtual asset risk and money laundering vulnerabilities.
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Jordans’ Cautious Steps Towards Embracing Crypto
For the longest time, Jordan had a cautious approach towards cryptocurrencies and other forms of virtual assets. Authorities implemented regulations that banned banks, currency exchange houses, and financial institutions from engaging in any crypto-related transactions
However, things have changed for the better. Earlier this month, Jordans’ Council of Ministers approved a comprehensive blockchain policy for 2025. The government wants to leverage emerging technologies to transform its public administration.
The policy aims to build trust in public systems. By implementing blockchain technology, Jordan seeks to build a secure record structure that also improves operational efficiency. The country aims to strengthen its role in the global economy through the implementation of the blockchain policy framework.
Jordan is taking steps to modernize its economy, and this initiative supports that goal. The government wants to create an environment that encourages innovation in advanced technologies in the financial sector. Through this regulation, Jordan aims to attract foreign investment and create growth opportunities for local businesses.
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The Road Ahead
The initiative has massive potential. However, its success depends on effective implementation. All stakeholders including government entities, private enterprises and the investors will need to come together to bridge strategy and on-ground execution. Also, it is key to address challenges like public awareness and cost of adopting new systems.
The regulatory framework is expected to put an end to persistent issues like fraud, data security and other inefficiencies in public administration. It will be interesting to see the progress as this policy unfolds. For the people of Jordan, the future in crypto seems hopeful.
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The post Jordan Approves Digital Assets Regulatory Framework, Implementation Expected Within A Year appeared first on 99Bitcoins.
