United Arab Emirates announced approval of First Law to regulate virtual assets
Recently, this week, the ruler of Dubai who is also Vice President and prime minister of the United Arab Emirates (UAE), His Highness Sheikh Mohammed bin Rashid Al Maktoum, announced that Dubai has approved the first of its kind of law in the emirate that regulates virtual assets. He also revealed that Dubai Virtual Assets Regulatory Authority (VARA) has been established.
Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority (VARA) is an important step that establishes United Arab Emirates UAE’s position in this sector as this helps the sector to protect investors. As per the announcement, VARA is responsible for regulating the trading and issuance of “virtual assets and virtual tokens.” It is also authorizing and regulating virtual asset service providers (VASPs).