The Jordanian government has approved an initiative to establish a comprehensive regulatory framework for digital assets within a year. This framework would align Jordan’s regulations with global standards and foster a robust digital economy. Jordanian Prime Minister Jafar Hassan reportedly chaired the meeting that mandated the government to launch the framework.

According to a statement, the government directed the Jordan Securities Commission (JSC) to stipulate requirements for entities engaging in virtual assets. The commission is required to develop a legal and technical infrastructure for licensing and regulating global trading platforms. A JSC study reportedly highlighted the need for a framework focused on combating financial crimes.

Jordan’s plan to establish a crypto regulatory framework comes a month after it approved the country’s blockchain policy. As reported by Bitcoin.com News, this policy aligns with its Economic Modernization Vision, which aims to achieve excellence in service sectors, support national development and increase service exports. Jordan believes leveraging blockchain can increase citizens’ confidence in government services.

With respect to the digital asset regulatory framework, Jordan hopes to enhance its competitiveness in regional and global markets and create opportunities for local entrepreneurs.

A ministerial committee has been tasked with addressing potential challenges and overseeing the regulatory process. The minister of digital economy and entrepreneurship will chair the committee, which also includes officials from the JSC, the central bank and the National Cybersecurity Center.

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