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 to the Dubai World Trade Centre Authority (DWTCA),” Mohammed bin Rashid said. The Dubai Virtual Asset Regulatory Authority will be responsible for licensing, supervising, and regulating the sector; it will carry out these tasks in coordination with the Central Bank of the UAE and the Securities and Commodities Authority. The VARA will be the central custodial authority for the VA industry, he added. Why it matters: Dubai is one of the most important financial centres of the world and a law that promotes and regulates virtual assets offers a glimpse as to how other countries might approach crypto regulation in their own jurisdictions. What does the law stipulate? The law,…
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