What Do You Need to Know?
The global hub, Dubai, has adapted a new law on the regulation of virtual assets, Law No. 4 of 2022 Concerning the Regulation of Virtual Assets. The law aims to create an advanced legal framework to protect investors and design the much-warranted international standards for virtual asset (VA) industry governance to promote responsible business growth, under prudential regulations. The law is applicable throughout the emirate, including special development zones and free zones, but not Dubai International Financial Centre.
The regulatory authority responsible for the virtual assets would be Dubai Virtual Assets Regulatory Authority (VARA). The authority will be responsible for licensing and regulating the sector across Dubai’s mainland and free zones excluding the DIFC. The authority will provide its services in coordination with the Central Bank of The UAE and the Securities and Commodities Authority.
Below would be the key tasks and activities of the authority.
1. Organizing issuance and trading of virtual assets and virtual tokens
2. Organizing and authorizing virtual asset service providers
3. Ensuring the highest standards of protection for beneficiaries’ personal data
4. Organizing the operation of virtual assets’ platforms and portfolios
5. Monitoring transactions and preventing price manipulation of the virtual assets.
6. Operating and managing virtual assets’ platforms services
7. Exchange services between virtual assets and currencies, whether national or foreign
8. Exchange services between one or more forms of virtual assets
9. Virtual assets’ transfer services
10. Virtual assets’ custody and management services
11. Services related to the virtual assets’ portfolio
12. Services related to the offering and trading of virtual tokens.
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