The Virtual Assets Regulatory Authority [VARA] is one of the earliest world regulatory bodies to release comprehensive crypto assets regulations to promote crypto-related activities in Dubai. Established in March 2022, VARA was created to promote the Emirate as a regional and international hub for virtual assets and related services.

VARA released a comprehensive regulatory framework for virtual asset service providers (VASP) in February this year. The regulatory framework includes four compulsory rulebooks and activity-specific rulebooks for VASPs. These rules will govern VASPs operating within the Dubai region only. The VARA framework also includes a rulebook for marketing, advertising…

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