#Dubai’s VARA issues specialised regulations for virtual assets

Dubai’s VARA issues specialised regulations for virtual assets

Dubai’s Virtual Asset Regulatory Authority (VARA), has issued its Virtual Assets and Related Activities Regulations 2023 setting out a broad Virtual Asset (VA) Framework stressing economic sustainability and cross-border financial security.

The UAE has remained committed to enabling these drivers safely, updating its oversight and regulatory approach, addressing global risks of money laundering (ML) and terrorist financing (TF), arising from the potential misuse of new technologies.

The VA Framework is structurally designed to offer regulatory certainty – allowing the market to have greater clarity on the expected level of operator responsibility. It also mandates gold-standard risk assurance and Anti-Money Laundering (AML) standards to be applied by licensed entities within the Emirate.