Dubai Passes First Crypto Law; Sets Up Dubai Virtual Assets Regulatory Authority

  • The emirate within the United Arab Emirates has set up the Dubai Virtual Assets Regulatory Authority, which will be working with all related entities to promote security and transparency for crypto investors.
  • Role of regulatory body VARA.The Dubai Virtual Assets Regulatory Authority or VARA will be tasked with regulating the sale of virtual assets and virtual tokens while also being responsible for regulation and authorising virtual asset service providers.
  • The law is expected to go into effect across the emirate with the exception of the Dubai International Financial Centre, which is a special economic zone under the ambit of the Dubai Financial Services Authority.