- Crypto businesses must obtain applicable permits to operate in Dubai
- VARA Dubai seeks to attract crypto and blockchain enterprises
- Exchange, custody, and issuance services are regulated by unique rules
Dubai is the most popular in the seven emirates of UAE and it aspires to become a regional center for fintech. Dubai’s new virtual asset rulebooks stipulate that crypto businesses must get authorization and applicable permits to operate there.
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As stated in the article:
With bespoke rules and guidelines designed to provide clarity, assure certainty, and mitigate market risks, VARA seeks to develop a model framework for global economic sustainability within an innovation-centric environment that is truly borderless, technology agnostic, and future-focused.
The published article also added:
VARA’s Virtual Assets regulatory framework is focused on the risks that each Virtual Asset activity presents to the market, and seeks to provide VASPs with a clear framework of rules which apply to their particular operations and business models, while maintaining a baseline market standard of compliance across core regulatory domains.
The Virtual Assets Regulatory Authority (VARA), established last year to govern the sector as Dubai seeks to attract crypto and blockchain enterprises, oversees all operations and companies. Since then, VARA has published some crypto advertising standards.
The lengthy regulations announced on Tuesday specify criteria for businesses, including cyber security norms to compliance and risk-management standards. A unique set of rules regulates activities such as issuance, advising, custody, and exchange services.
In other news, DCG sells grayscale shares to raise funds. Digital Currency Group (DCG) is apparently selling shares in a number of its cryptocurrency funds at a steep discount, and the company has also reportedly began liquidating its holdings in investment vehicles managed by Grayscale, a subsidiary.
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