Key executives representing the Virtual Assets Regulatory Authority (VARA) revealed Dubai’s “hands-on” approach toward crypto in a Cointelegraph interview.
Correction: This article was corrected on Dec. 21 to include Transfer and Settlement services instead of Payment and Remittance services in the license list mentioned in the sixth paragraph.
The Virtual Asset Regulatory Authority (VARA), the regulator overseeing cryptocurrency laws within Dubai, has moved steadily toward its goal of establishing comprehensive rules for the crypto service providers in the region.
Formed in March 2022 to oversee and develop the Web3 ecosystem in Dubai, VARA released comprehensive crypto regulatory guidelines less than a year later, in February 2023, for virtual asset service providers (VASPs).
Read more
Source: https://cointelegraph.com/news/dubai-regulator-vara-crypto-precedent-for-world