comprehensive framework
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Dubai builds a virtual asset framework
On February 14, the Dubai Virtual Assets Regulatory Authority (VARA) issued the Regulations on Virtual Assets and Related Activities in 2023, and formulated a comprehensive virtual assets framework to support economic sustainability and cross-border financial security. The framework will provide regulatory certainty for the market by mandating Dubai’s licensed entities to adopt gold standard risk assurance and anti-money laundering (AML) standards. The seven licenses under the VARA system include advisory services, broker-dealer services, custody services, trading services, lending services, payment and remittance services, and VA management and investment services. Issuance…
