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Description

Issued Virtual Assets and Related Activities Regulations 2023

On 7 February 2023, Dubai’s Virtual Asset Regulatory Authority (VARA) published the “Virtual Assets and Related Activities Regulations 2023”. The Regulations establish the regulatory framework applicable to virtual assets and all related activities in the Emirate and require all entities that wish to carry out virtual assets activities to obtain authorisation from VARA. The Regulations prohibit the issuance of anonymity-enhanced cryptocurrencies and all related activities.

Original source

Scope

Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2023-02-07
adopted

On 7 February 2023, Dubai’s Virtual Asset Regulatory Authority (VARA) published the “Virtual Assets…