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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.
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