United Arab Emirates: Dubai Virtual Assets Law including authorisation requirements enters into force

On 11 March 2022, the Dubai Law No. 4 of 2022 on the Regulation of Virtual Assets in the Emirate of Dubai (Virtual Assets Law) was published in the Official Gazette of the Government of Dubai and came into force. The Virtual Assets Law governs activities involving virtual assets and related services throughout the Emirate of Dubai, with the exception of the Dubai International Financial Centre, which has its own regulatory regime. The law lays out authorisation requirements for virtual assets service providers who wish to establish a local presence and carry out their activities related to virtual assets in Dubai. The commercial license must be obtained from the Dubai Virtual Assets Regulatory Authority by the following activities: - Management and operation of virtual asset platforms; - Trading and transfer of virtual assets and currencies; - Control and custody of virtual assets; - Portfolio management services for virtual assets; - Services for issuing and selling virtual tokens.