Dubai’s VARA, DET to establish market assurance standards for virtual assets

Dubai’s VARA, DET to establish market assurance standards for virtual assets

Image credit: Dubai Media Office

Dubai’s Department of Economy and Tourism (DET) and Virtual Assets Regulatory Authority (VARA) have signed a memorandum of understanding (MoU) to offer unified city-wide services to enable the virtual assets (VA) sector.

The MoU outlines a framework for collaboration to deliver effective and synchronised VA market assurance across Dubai and covers:

Public/marketplace: Customer care and complaints

Business: On-site inspection and enforcement

Business: VASP registration and licencing

G2G + G2B + G2C: Education, training and knowledge sharing

#Dubai’s Department of Economy and Tourism (DET) and Virtual Assets Regulatory Authority (VARA) have signed a Memorandum of Understanding (MoU) for the provision of unified city-wide services to enable the Virtual Assets sector. https://t.co/UQTxLMVnH2 pic.twitter.com/7qX2y8CJrh

— Dubai Media Office (@DXBMediaOffice) August 10, 2023

Highlights of  the DET-VARA collaboration

DET and VARA will deploy end-to-end processes at scale to ensure market-leading consumer protection, and security standards across mainland and free zones, even as the VA ecosystem commences its transition to the full regulatory purview of VARA.

The MoU’s scope further strengthens VARA’s commitment to achieving full transparency and market conduct adherence across virtual asset service providers licenced to operate in Dubai, so that the reputation and credibility of the UAE as the preferred hub for the global