VARA Virtual Asset Regime regulation

Regulation · PageRank 0.0015

Also known as: VARA Regulations 2023

Overview

Dubai's virtual asset regime was created by Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, issued in March 2022, which established the Virtual Assets Regulatory Authority (VARA) as an independent regulator. VARA's remit covers virtual asset activity across the Emirate of Dubai, including special development zones and free zones, but excludes the Dubai International Financial Centre, which has its own regulator. On 7 February 2023 VARA issued its Virtual Assets and Related Activities Regulations 2023, applying to all virtual asset service providers and covering activities such as exchange, broker-dealer services, custody, lending and issuance. It was the first dedicated virtual asset authority of its kind in the MENA region.

Within the DeFi Intel graph, VARA Virtual Asset Regime connects to 2 tracked entities, most strongly to Virtual Assets Regulatory Authority, United Arab Emirates.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

What law established VARA?

Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, issued in March 2022.

Does VARA regulate the DIFC?

No — VARA's remit covers Dubai including special development zones and free zones, but excludes the Dubai International Financial Centre.

What are VARA's main rules for service providers?

The Virtual Assets and Related Activities Regulations 2023, issued on 7 February 2023, which apply to all virtual asset service providers.