Dubai regulator VARA sets a crypto precedent for the world to follow
Key executives representing the Virtual Assets Regulatory Authority (VARA) revealed Dubai’s “hands-on” approach toward crypto in a Cointelegraph interview.
The Virtual Asset Regulatory Authority (VARA), the regulator overseeing cryptocurrency laws within Dubai, has moved steadily toward its goal of establishing comprehensive rules for the crypto service providers in the region.
Formed in March 2022 to oversee and develop the Web3 ecosystem in Dubai, VARA released comprehensive crypto regulatory guidelines less than a year later, in February 2023, for virtual asset service providers (VASPs).
The virtual asset guidelines include four compulsory rulebooks, seven activity-specific rulebooks that lay down the rules for operating VASPs, and one virtual asset issuance rulebook.
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