Dubai Legalizes Crypto and Passes its First Crypto Law
Updated: May 1
The Emirate of Dubai has adopted its first crypto law and formed a regulatory body for the regulation of virtual assets and its service providers. The emirate within the United Arab Emirates (UAE) has set up the Dubai Virtual Assets Regulatory Authority, which will be working with all related entities to promote security and transparency for crypto investors. The Dubai Virtual Assets Regulatory Authority or VARA will be tasked with regulating the sale of virtual assets and virtual tokens while also being responsible for the regulation and authorizing virtual asset service providers.
The organization will also be linked to the Dubai World Trade Centre Authority (DWTCA). The DFSA has also stated that it will be adopting its own rules for the regulation of cryptocurrencies in the near future In addition to these responsibilities, the VARA will also be ensuring that the data of investors remains secure and safe in the hands of virtual asset service providers. The organization will also be linked to the Dubai World Trade Centre Authority (DWTCA).
The ruler of Dubai, Sheikh Mohammed, is also the vice president and prime minister of the United Arab Emirates (UAE), a federation of seven emirates stated in his tweet that the goal is to establish UAE and Dubai's position as a key player in designing the future of virtual assets. One of the aims is to increase transparency and security in cypto transactions/ trading