Dubai Sets The Pace By Issuing Landmark Virtual Asset Regulations

Dubai Sets The Pace By Issuing Landmark Virtual Asset Regulations
фото показано с : zycrypto.com

2023-2-10 19:09

In one of the most comprehensive efforts to create a crypto regulation framework, Dubai’s Virtual Asset Regulatory Authority (VARA) has issued its Virtual Asset Regulatory Authority 2023 regulations.

VARA was launched in 2022 and is the sole authority for regulating, supervising and overseeing Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) across Dubai (excluding the Dubai International Financial Centre).

As per the VARA regulations 2023, any entity that wishes to carry out Virtual Asset activities in Dubai must obtain prior authorisation from VARA. VASPs must go through a 4-stage licensing process. The licensing process starts with obtaining a provisional permit, followed by a preparatory licence, an operating licence and eventually a Minimum Viable Product (MVP) licence. 

According to VARA, they have not granted any operating licence to any VASP so far. VARA says that it has only issued some licences to VASPs at the provisional or preparatory licensing stages.

The regulations also list the rulebooks for VASPs and Virtual Asset-specific rulebooks. The rulebooks comprise rules and any guidance issued by VARA. All VASPs must comply with the rulebooks and the Virtual Asset specific rulebooks for activities they have been licensed to carry out.

Furthermore, the regulations also recognise Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws and all other federal legislation relating to money laundering, terrorist financing, the financing of unlawful organisations or sanctions non-compliance. VASPs must comply with all Federal Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Laws.

VARA’s administrative order regulating marketing, advertising and promotions related to virtual assets requires that such activities be fair, clear, not misleading and identifiable as marketing or promotional. In the event of non-compliance, VARA may issue fines and penalties, request the suspension of marketing activities and revoke any issued licences.

The regulations also permit VARA to supervise, examine or investigate licensed entities. VARA may undertake enforcement actions against any licensed entity for violating these regulations.

According to the regulations, VASPs providing Virtual Asset activities in Dubai must also comply with any applicable Central Bank of the UAE (CBUAE) regulation on Virtual Assets.

Through these regulations, VARA also aims to increase awareness about Virtual Asset services and to attract investments and businesses to Dubai.

The regulations lay a more precise foundation for virtual asset businesses that wish to operate in Dubai. VARA’s regulatory objectives include the promotion of Dubai as a regional and international hub for Virtual Assets and related services.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Dix Asset (DIX) на Currencies.ru

$ 1.0E-7 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.0E-7 - H: $1.0E-7
Капитализация $11.516k Rank 99999
Доступно / Всего 100b DIX

asset virtual regulations regulatory dubai authority crypto

Источник: zycrypto.com

asset virtual → Результатов: 126


Vaulta, WhiteBIT, and XChain join Ghana’s SEC Sandbox to test virtual asset services

Ghana is advancing its efforts to regulate the digital asset industry through a newly launched regulatory sandbox for Virtual Asset Service Providers (VASPs). The program, introduced by the country’s Securities and Exchange Commission (SEC), allows selected companies to pilot crypto and blockchain services within a supervised environment.

2026-3-13 20:18


Taiwan’s financial regulator permits professional investors to invest in digital asset ETFs

The FSC has restricted access to the virtual asset ETFs to professional institutional investors Security companies will need to establish a “virtual asset ETF suitability system” Taiwan’s financial regulator is allowing professional investors to invest in “foreign virtual asset” exchange-traded funds (ETFs) through a re-entrustment service.

2024-10-2 14:58


Uppsala to provide crypto AML solution for South Korean exchange Coin&Coin

CryptoNinjas » Uppsala to provide crypto AML solution for South Korean exchange Coin&Coin Uppsala Security, a provider of cybersecurity tools for crypto AML, risk management, and regulatory compliance, announced today the signing of a contract to build a ‘Virtual Asset AML’ solution for crypto exchange Coin&Coin that complies with the amendment of the Special Money Act in South Korea.

2021-4-7 22:40


MicroStrategy is Planning on ‘More Creative Ways’ To Purchase Bitcoin

Tens of thousands of Bitcoin (BTC) are not enough for MicroStrategy, looking for “various approaches” to add more Bitcoin as a Treasury reserve asset. Speaking in a virtual conference on the company’s quarterly filings, MicroStrategy CEO Michael Saylor said the company would stockpile its Bitcoin stash using its excess cash as “part of their corporate […] The post MicroStrategy is Planning on ‘More Creative Ways’ To Purchase Bitcoin first appeared on BitcoinExchangeGuide.

2021-1-29 17:17


Фото:

Ukraine Chooses Stellar Foundation to Develop Its CBDC, Regulatory Infrastructure for Stablecoins

The Ministry of Digital Transformation of Ukraine has picked the Stellar Development Foundation (SDF) to develop its central bank digital currency project (CBDC). Ukraine Picks Stellar Foundation to Develop Its Central Bank Digital Currency and National Virtual Asset Strategy According to the official announcement, both parties signed a “Memorandum of Understanding” to deploy Ukraine’s crypto […] The post Ukraine Chooses Stellar Foundation to Develop Its CBDC, Regulatory Infrastructure for Stablecoins appeared first on Bitcoin News.

2021-1-6 11:45


Фото:

Tether’s USDT Issuance Possibly Led to the Bitcoin Price Surge After March Dip, Data Suggests

Bitcoin (BTC) has recorded a sustained upward momentum over the past couple of months with the digital asset’s price even surpassing the $10,000 level at some point. The virtual currency’s performance continues to defy odds as mainstream financial markets are struggling with the effects of the Covid-19 driven economic crisis. Bitcoin price surge tied to […]

2020-6-9 22:25


Hawaii Lawmakers Submit a Bill to Allow Banks to Provide Custody for Digital Assets

Hawaiian lawmakers have submitted a bill SB2594 on Jan. 18 that would make it legal for the banks to provide custody for digital assets. As per this bill, Hawaiin banks will be allowed to hold “Digital asset,” “Digital consumer assets,” “Digital security,” “Virtual currency,” and any other “open blockchain token” for their customers. Banks can […]

2020-1-24 19:33


Qatar’s QFC Regulatory Authority Shuts Down All Cryptocurrency Trading and Services

Qatar’s Financial Center Regulatory Authority (QFCRA) has announced on December 26 that the Qatar Financial Center (QFC) can no longer conduct in and out virtual asset services.  The announcement was made through a tweet saying, The QFC Regulatory Authority affirms that Virtual Asset Services may not be conducted in or from the QFC.

2020-1-6 20:00


Фото:

Why the Recent Developments in South Korea and the Swelling tide of Regulation Could be not so bad for the Crypto Industry 

The coming calendar change has regulators rethinking how they stand in relation to cryptocurrency moving forward. Reports out of South Korea have lawmakers in the country drafting up bills for legislature that would levy taxes on capital gains earned with crypto and increase the transparency of the virtual asset market.

2019-12-17 12:00


Litecoin’s Charlie Lee explains Github inactivity; promises more focus on development side

It has been a monumental year for Litecoin; the silver coin improved its valuation by almost 190 percent since January and the virtual asset also completed its 2nd Litecoin halving last week. However, Litecoin was under the gun over the past few weeks after it was observed that the digital asset recorded almost zero activity […] The post Litecoin’s Charlie Lee explains Github inactivity; promises more focus on development side appeared first on AMBCrypto.

2019-8-11 16:01


Crypto Asset Activities Fall Under Rhode Island’s Money Transmission Laws

Rhode Island has been putting effort towards clearing defining the regulatory framework of cryptocurrencies. The main question that has since stumped the U.S. state in New England is whether the virtual asset can be classified as money or some monetary value that falls under their transmitter laws. Since the passing of Bill 5847 in July […]

2019-8-9 20:18


London’s LAB577 To Enable Trading Of Ether And British Pounds On A Digital Asset Shared Ledger

Former Royal Bank of Scotland (RBS) engineer have a project to amalgamate trading and settlement of virtual currencies on a privately owned blockchain. The platform is known as Digital Asset Shared Ledger (DASL, vocalized “dazzle”) which presents companies the capacity to re-imagine how value is moved and managed.

2019-8-1 17:06


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Dubai Greenlights Ripple for Regulated Crypto Services in DIFC

Dubai has officially approved Ripple for regulated crypto services, allowing the blockchain payments company to operate within the Dubai International Financial Centre (DIFC). In an announcement on Thursday, Ripple confirmed that the Dubai Financial Services Authority (DFSA) has granted it a license to offer regulated crypto payments and services. This milestone makes Ripple the first […]