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Dubai Mandates Licensing for Crypto Firms in New Regulatory Rule

Published 08/02/2023, 06:12
Updated 08/02/2023, 06:15
Dubai Mandates Licensing for Crypto Firms in New Regulatory Rule

  • Dubai regulatory body issues rules for crypto firms covering exchange services and advertising.
  • The penalty for non-compliance is a fine between $5,400 and $54,451.32.
  • The issuance of privacy coins is outlawed.

Dubai’s Virtual Assets and Regulatory Authority (VARA) has issued the much anticipated Full Market Regulations for Virtual Assets Services Providers (VASPs). The Dubai digital asset regulator posted about the development on its official website today, February 7, 2023.

The regulations set out a comprehensive virtual asset framework built on principles of economic sustainability and cross-border financial security, addressing global risks of money laundering and terrorist financing.

The report read in part: “With bespoke rules and guidelines designed to provide clarity, assure certainty, and mitigate market risks, VARA seeks to develop a model framework for global economic sustainability within an innovation-centric, borderless, technology agnostic environment, and future-focused.”

By the new rule, no entity can carry out digital assets services in Dubai unless licensed by VARA — although DIFC entities are excluded.

The penalty for non-co…

The post Dubai Mandates Licensing for Crypto Firms in New Regulatory Rule appeared first on Coin Edition.

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