Dubai Virtual Assets Regulatory Authority (VARA) Issues Regulations for Virtual Assets Framework
On February 14, the Dubai Virtual Assets Regulatory Authority (VARA) issued the Regulations on Virtual Assets and Related Activities in 2023, and formulated a …
On February 14, the Dubai Virtual Assets Regulatory Authority (VARA) issued the Regulations on Virtual Assets and Related Activities in 2023, and formulated a comprehensive virtual assets framework to support economic sustainability and cross-border financial security. The framework will provide regulatory certainty for the market by mandating Dubai’s licensed entities to adopt gold standard risk assurance and anti-money laundering (AML) standards. The seven licenses under the VARA system include advisory services, broker-dealer services, custody services, trading services, lending services, payment and remittance services, and VA management and investment services. Issuance is also a regulated activity under the VARA system, allowing consumers to make more informed decisions about the new tokens launched in Dubai and the relevant obligations of the issuer.
Dubai builds a virtual asset framework
Interpretation of the news:
The Dubai Virtual Assets Regulatory Authority (VARA) recently issued the Regulations on Virtual Assets and Related Activities in 2023, which introduces a comprehensive framework for virtual assets. The framework was created to support economic sustainability and cross-border financial security. The main aim of the regulatory framework is to provide regulatory certainty to the market by mandating Dubai’s licensed entities to adopt gold standard risk assurance and anti-money laundering (AML) standards.
The VARA system has seven licenses that cover several areas in the virtual assets market. These licenses include advisory services, broker-dealer services, custody services, trading services, lending services, payment and remittance services, and VA management and investment services. These licenses were created to ensure that every aspect of the virtual assets market is regulated, from buying and selling to management.
Issuance is another regulated activity under the VARA system, allowing consumers to have more information before they make decisions about new tokens launched in Dubai and the relevant obligations of the issuer. This provides consumers with trust and transparency when dealing with virtual assets. The issuance license will also ensure that tokens launched in Dubai meet compliance requirements, including the issuance of digital assets that are compatible with international anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
This regulation is essential in creating an environment where the virtual asset market can thrive while ensuring that the market is safe for everyone involved. The comprehensive regulatory framework will foster confidence in the market and, eventually, attract more investors. The adoption of gold standard risk assurance and AML standards is necessary to protect customers and maintain the integrity of the virtual asset market.
In conclusion, the VARA regulations on virtual assets and related activities in 2023 will ensure that Dubai’s virtual asset market is well regulated and safe for both Dubai’s citizens and international investors. The adoption of gold standard risk assurance and AML standards will provide regulatory certainty to the market by mandating Dubai’s licensed entities to implement the highest possible protection tools.
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