Dubai’s VARA Sets June 19 Deadline for Crypto Firms to Comply With Updated Activity-Based Rulebooks
Dubai’s Virtual Assets Regulatory Authority (VARA) has introduced changes to its crypto policies, aiming to tighten risk oversight and ensure investor security. The updated policies will also focus on deploying more control around margin trading and token distribution services. Through these upgrades, the VARA expects to make the crypto ecosystem more scalable. The development comes weeks after the Dubai Land Department (DLD) piloted its “Real Estate Tokenisation Project” that aims to initiate collaborations between global Web3 firms and Dubai’s real estate community. The development was announced by the regulatory body on May 19. The VARA said in a press release that it has added more clarity to the compliance requirements across all licensed crypto and Web3 activities. Service providers offering crypto advisories and custody support will have to align their businesses with the upgraded guidelines. Exchanges, broker-dealer services, and lending and borrowing services will also need to adhere to the revamped policies. “These rulebook updates reinforce the foundations of a responsible, scalable ecosystem,” said Ruben Bombardi, VARA’s General Counsel and Head of Regulatory Enablement. The …
