Dubai creates regulatory requirements for crypto companies
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The Virtual Assets Regulatory Authority (VARA) in Dubai is set to roll out new rules of engagement that will serve as an operational guide for crypto firms domiciled in Dubai.
The apex regulatory body’s published rule book encapsulates detailed requirements and operational guides for cyber security operations, while the other addresses activities like exchange services, issuance, custody, and advisory role.
Dubai pushes crypto regulations forward
VARA was launched in March 11, 2022 to provide the oil-rich middle east country with a mandate to cater to the needs of the burgeoning crypto hub.
The bespoke rules and guidelines of VARA are meant to provide clarity, mitigate risks, regulate crypto-centric advertising, and assure certainty for the smooth operation of tech start-ups with ambitious roadmaps.
According to VARA, the virtual asset is a digital representation of value that can be transferred online for payments and investment; these virtual assets range from non-fungible tokens (NFTs) to cryptocurrencies and security tokens.
According to government figures, the UAE’s digital economy generates roughly AED 100 billion, or 4.3% of the country’s GDP, and it is touted to be a major destination for crypto firmssource.
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