- Dubai Police imparts legal knowledge on twitter.
- It shared a video that educated the viewers about Dubai’s Virtual Assets Regulation.
- The city has indeed taken a very honest and open approach to the matter of digital assets.
In lieu of Dubai’s many ventures in allowing legal operations of digital assets within its nation, the emirate has announced a small digital guide. In short, the Dubai Police made a short video detailing the emirate’s virtual asset regulation.
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From the video in the tweet above, we can see that Dubai is always taking the steps to bring awareness to its citizens and residents. The video in question highlights everything Dubai residents will need to know about the city’s Virtual Assets Regulation.
In detail, the video representing legal knowledge starts by highlighting Law No. 4 of 2022, which is Dubai’s Virtual Assets Regulation. In the section of Regulating Virtual Assets, Conducting the Activity, Article 15, it says that no person may conduct activity in the emirate of Dubai without first obtaining a permit from VARA.
Additionally, it says that this permit will be issued in accordance with the applicable legislation as well as the Director General’s approved requirements and procedures. Therefore, a person who wishes to conduct the activity must establish a business in the emirate of Dubai.
This means that one must also have one of the legal forms approved by the competent commercial licensing authority in the emirate. In the case of a person wanting to conduct the activity in Dubai or any of its free zones, they must first obtain the necessary approvals and permits from VARA.
More so, prior to obtaining the procedures for licensing by the competent commercial licensing authority, the conducted activity is subject to the permit’s requirements, rules, and regulations.
Truly, Dubai continues to prove itself a great leader in the blockchain, crypto, and digital asset industry. So far, the emirate has always delighted the world with its forward-thinking initiatives. The latest of which includes the world’s first Bitcoin Tower.
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