Dubai creates a comprehensive framework for virtual assets
On February 14, the Dubai Virtual Assets Regulatory Authority (VARA) issued the Regulations on Virtual Assets and Related Activities in 2023, and formulated a …
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 is also a regulated activity under the VARA system, allowing consumers to make more informed decisions about the new tokens launched in Dubai and the relevant obligations of the issuer.
Dubai builds a virtual asset framework
Interpretation of the news:
The Dubai Virtual Assets Regulatory Authority (VARA) has recently issued the Regulations on Virtual Assets and Related Activities in 2023, showcasing the city’s commitment to supporting economic sustainability and cross-border financial security through virtual assets. The comprehensive framework seeks to 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. This comprehensive framework ensures that virtual asset service providers (VASPs) are adhering to globally recognized standards, which supports the growth of virtual asset markets and protects consumers’ interests. The VA framework safeguards consumers and ensures that the virtual assets industry thrives and remains competitive in the future.
One important aspect of regulating virtual assets is to ensure that consumers are aware of the risks and benefits of investing in them. The VARA system includes issuance as a regulated activity, allowing consumers to make more informed decisions about the new tokens launched in Dubai and the relevant obligations of the issuer. It will help people avoid potential scams and make better-informed decisions about the significant risks associated with investing in virtual assets.
Dubai’s virtual assets framework sets a standard for cross-border financial security as it paves the way for other countries to establish similar regulatory structures. It also supports Dubai’s growth strategy, providing the technology-driven Islamic finance industry with a robust regulatory framework for its operations. The project will also increase investor confidence in the virtual assets sector, making it an attractive destination for investment.
In conclusion, Dubai’s proactive approach to regulating virtual assets is commendable, and other countries should follow suit to foster growth in this sector while also providing consumers with the necessary protection. The VARA system’s comprehensive framework will undoubtedly support cross-border financial security and economic sustainability. The virtual asset industry has a bright future in Dubai, and investors have a promising opportunity to invest in the financial sector.
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