Senate endorses draft laws on cooperatives, Virtual Assets, amendments to Penal Code

AMMAN — The Senate on Wednesday approved the draft laws on cooperatives and virtual assets, and the 2025 amendments to the Penal Code, as received from the Lower House.

According to the Jordan News Agency, Petra, the draft Cooperative Law introduces the establishment of a fund to support the sector, as well as an institute dedicated to promoting cooperative work culture. The law also strengthens the corporation’s supervisory and regulatory role, particularly concerning foreign cooperative branches and unions.

The Virtual Assets Regulation Law aims to govern activities related to virtual assets, safeguard users, and define the responsibilities of the Securities Commission in overseeing the sector.

The amended Penal Code focuses on expanding alternatives to custodial sentences, enhancing rehabilitation and reintegration of convicts, and introducing mechanisms for suspending sentence execution upon final rulings. It also allows for postponement and installment-based payment of fines.

The Senate endorsed the recommendations of its Financial and Economic Committee regarding the 2023 Audit Bureau report.

The committee proposed amending the Public Funds Collection Law to improve recovery mechanisms, including activating public auctions for immovable property one year after seizure.

The report also recommended forming a joint committee between the Audit Bureau and the Ministry of Finance to regularly settle outstanding financial advances and prevent their accumulation.