Law No. 4 of 2022 Concerning the Regulation of Virtual Assets in the emirate of Dubai aims to protect investors and design the much-warranted international standards for virtual asset (VA) industry governance. Dubai Virtual Assets Regulatory Authority (VARA) was set up to achieve the goals of the above law.
Law No. 4 of 2022 (PDF, 250 KB in Arabic) Concerning the Regulation of Virtual Assets in the emirate of Dubai aims to create an advanced legal framework to protect investors and design the much-warranted international standards for virtual asset (VA) industry governance to promote responsible business growth, under prudential regulations. The law is applicable throughout the emirate, including special development zones and free zones, but not Dubai International Financial Centre.
Dubai Virtual Assets Regulatory Authority (VARA)
Dubai Virtual Assets Regulatory Authority (VARA) was set up to achieve the goals of the above law. The authority has a legal personality and financial autonomy and is linked to the Dubai World Trade Centre Authority (DWTCA). VARA will be responsible for licensing and regulating the sector across Dubai’s mainland and the free zone territories (excluding DIFC).
It will provide a full range of services in coordination with Central Bank of the UAE and Securities and Commodities Authority. It is mandated with organising and setting the rules and controls for conducting virtual assets-related activities including management services, clearing and settlement services, in addition to classifying and specifying types of virtual assets.
VARA’s tasks
The following are the tasks of VARA:
VARA’s activities
The following activities are subject to authorisation from VARA:
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29 Oct 2024
