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Dubai's regulator VARA shows how authorities, market can work in tandem — vice chair

Published 11/07/2023, 06:04 AM
Updated 11/07/2023, 07:40 AM

The Virtual Assets Regulatory Authority (VARA) is one of the earliest regulatory bodies to release comprehensive crypto assets regulations to promote crypto-related activities in Dubai. Established in March 2022, VARA was created to promote the emirate as a regional and international hub for virtual assets and related services.

VARA released a comprehensive regulatory framework for virtual asset service providers (VASPs) in February. The regulatory framework includes four compulsory rulebooks and activity-specific rulebooks for VASPs. The rules will govern VASPs operating within the Dubai region only. The VARA framework also includes a rulebook for marketing, advertising and promotions by VASPs.

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