Regulatory Alerts2023-01-01
Administrative Resolution No. 03 of 2023 Establishing the VARA Grievance Committee
The Virtual Assets Regulatory Authority (VARA) issued Administrative Resolution No. 03 of 2023 to formally establish a dedicated Grievance Committee for the Dubai virtual asset sector. Composed of three senior officials with absolute discretion to cancel or modify penalties and sanctions, the Committee evaluates confidential grievances against VARA’s regulatory actions, inspections, and enforcement measures. Operating under a simple majority voting system with virtual or in-person meetings, the body supersedes prior administrative directives and ensures timely resolution of disputes within statutory deadlines.
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