Dubai authorities have created a new regulatory authority for cryptocurrencies
The new authority will begin licensing digital assets within the UAE
10.03.2022 - 11:05
682
2 min
0
What’s new? Sheik of Dubai Mohammed bin Rashid Al Maktoum has announced on Twitter the creation of the Virtual Assets Regulatory Authority (VARA). The subsidiary agency of the Dubai World Trade Center will oversee the Emirates’ compliance with the marketing laws.
What other functions will VARA perform? The authority will handle the licensing of cryptocurrency and related organizations. The work permits will only be issued to those firms that open their branch in the UAE.
What is the situation with cryptocurrencies in the UAE? The government of the country is friendly to the field of digital assets. Some major crypto companies have already opened offices in Dubai and Abu Dhabi, with representatives of the Binance exchange previously announcing the creation of an industry hub in the UAE. The Emirates have also increased penalties for cryptocurrency fraud, with criminals who can face up to 5 years in prison.
Useful material?
Telegram 
Twitter Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$69 580
BTC
+2.49%
-
Ethereum
$2 428.5
ETH
+1.14%
-
BNB Smart Chain
$563.64
BSC
+2.11%
-
Ripple
$0.515177
XRP
+2.36%
-
Dogecoin
$0.170435
DOGE
+5.8%
-
Cardano
$0.334497
ADA
+2.39%
-
Bitcoin Cash
$343.92
BCH
+4.34%
-
Polkadot
$3.87
DOT
+2.89%
-
Litecoin
$65.65
LTC
-0%
-
Stellar XLM
$0.093886
XLM
+2.93%