UAE Virtual Assets Regulation

On Tuesday, the Dubai Virtual Assets and Regulatory Authority (VARA) released the long-awaited full market regulations for Virtual Asset Service Providers (VASP).

These rules define the structure of virtual assets.
The report states that through these rules and recommendations, the regulator will develop a model framework for global economic sustainability in an environment focused on innovation and technology independence.

According to the regulations, no organization can provide digital asset services in Dubai without a VARA license.

Thanks to this regulatory framework, Dubai can become a regional center for financial technologies, as stated by a UAE politician at the World Economic Forum in 2023. According to him, no crypto business has a VARA license.

Meanwhile, the EU, the UK, South Korea and other countries are already developing their own licensing regimes for cryptocurrencies.