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

719

2 min

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.

Source: Twitter.com

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.

Author: