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VARA is “the world’s first independent regulator for virtual assets,” according to the post, and “serves as a transparent and trusted guiding authority for the emerging world of Virtual Assets.” The regulating body was established in 2022 to oversee the crypto sector in Dubai as it works to attract crypto and blockchain companies.
“The Full Market Product Regulations are designed to specifically cater for the provision of permissible activities and services to customers and investors, from the Emirate of Dubai,” the announcement read. VASPs will only be required to comply with each activity rulebook if they are licensed by VARA to offer the activity. VARA has also established rules for the issuance of all virtual assets, as well as virtual asset marketing activities.