Dubai’s VARA issues regulations for Virtual Assets
Dubai’s Virtual Asset Regulatory Authority (VARA), has issued its highly anticipated Virtual Assets and Related Activities Regulations 2023.
The new regulations cover seven licensed VA activities:
- Advisory services;
- Broker-Dealer services;
- Custodial services;
- Exchange services;
- Lending-Borrowing services;
- Payments and Remittances services; and
- VA Management and Investment services.
In addition to the seven categories of license, provision is also made for virtual asset issuances to be regulated under the VARA regime.
Alongside the regulations, four compulsory Rulebooks have been published covering Company, Compliance & Risk Management, Technology & Information and Market Conduct.
Activity specific Rulebooks have also been published for each of the seven licenses.
Cavenwell 3.0 can assist legacy Virtual Asset Service Providers (VASPs) and new market entrants to achieve compliance with the rules.