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Dubai to have its own law on digital assets like crypto, along with a regulator to supervise them

The upcoming legislation requires mandatory authorisation for any person to engage in crypto-related activities.

Dubai will soon have its own crypto law, the Dubai Virtual Asset Regulation Law, in order to create an “advanced legal framework” to protect investors, according to a press release put out by Dubai’s Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum. The law also looks to offer its input towards the format of international standards for virtual asset (VA) industry governance, the release added. The law establishes the Dubai Virtual Asset Regulatory Authority (VARA) which will enforce the law’s provisions across Dubai including special development zones and free zones, except for the Dubai International Financial Centre. The establishment of the VARA comes as a part of the strategy of the Dubai Securities and Exchange Higher Committee, as per the statement from Mohammed bin Rashid. “The authority has legal personality and financial autonomy and will be linked…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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