Regulatory Alerts2022-01-01
Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai
Issued by the Ruler of Dubai, this law establishes the Dubai Virtual Assets Regulatory Authority (VARA) as the exclusive regulatory body for virtual assets across the Emirate. It mandates that all Virtual Asset Service Providers obtain VARA permits to conduct core activities such as exchange, transfer, safekeeping, and platform operation within Dubai. The legislation grants VARA comprehensive supervisory powers to issue permits, set operational rules, enforce compliance through administrative penalties, and suspend or revoke licenses for violations.
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