Dubai-based crypto business to double in 2022 as industry witnesses exponential growth: expert – ArabianBusiness

  • Date: 24-Mar-2022
  • Source: Arabian Business
  • Sector:Financial Markets
  • Country:UAE
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Dubai-based crypto business to double in 2022 as industry witnesses exponential growth: expert – ArabianBusiness

In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum launched Dubai’s new virtual assets regulatory law – and the corresponding new virtual assets regulatory authority (VARA) – to regulate, supervise, and control virtual asset services.

Under the new law, VARA will set the rules and controls that govern the conduct of virtual assets activities, including management, clearing, and settlement services, as well as classifying specifying types of virtual assets.

The legislation is meant to provide a regulatory framework for businesses dealing with cryptocurrencies in various formats, including tokens, decentralised finance (DeFi) projects, and non-fungible tokens (NFTs).