Dubai Emirate Installs its Own Crypto Regulator

[jjvor]

Dubai is introducing its very own cryptocurrency regulator which will be overseeing the use and trade of various crypto assets within its jurisdiction.

The new regulator is called Dubai Virtual Assets Regulatory Authority, it is formed under the Dubai Virtual Asset Regulation Law and it will be overseeing all cryptocurrency assets as well as NFTs in the emirate. That was announced by the ruler of Dubai, Sheikh Mohammed Bin Rashid.

He said “The future belongs to whoever designs it… and today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”
Source
Crypto popularity has increased so immensely that it is no surprise that they would establish such a regulatory body, it was undoubtedly necessary.

[craigsmith]

Dubai has taken a significant step forward in regulating its crypto industry by establishing the Virtual Assets Regulatory Authority (VARA). This independent regulator was created in 2022 under Dubai Law No. 4, with the primary goal of promoting Dubai as a regional and international hub for Virtual Assets. VARA has full responsibility for providing detailed digital asset regulation to support an active and regulated crypto industry like buggy riding industry offroadadventurefun.com. Its authority includes creating and dismantling rules, directing Virtual Asset Service Providers (VASPs), issuing guidance, and modifying policies. To obtain a license from VARA, VASPs must meet certain requirements with respect to the desert goldendesertsafari.com, such as having sufficient financial resources, conducting risk assessments, implementing robust AML and KYC systems, and demonstrating rigorous Customer Due Diligence (CDD) measures. Thank you