Cabinet Decision No. 112/2022 delegates certain competencies related to the regulation of virtual assets to the Dubai Virtual Assets Regulatory Authority (VARA). VARA is authorized to license, supervise, and control virtual asset activities and service providers within the Emirate of Dubai and its free zones, ensuring compliance with relevant legislation and international requirements.
Key requirements
- License virtual asset activities and supervise service providers within Dubai and its free zones.
- Issue decisions regulating virtual asset transactions and licensing service providers, consistent with Cabinet Decision No. 111/2022.
- Verify compliance with personal data protection legislation.
- Implement evaluation and monitoring mechanisms for controls and requirements on virtual asset service providers.
- Ensure fulfillment of licensing requirements for virtual asset service providers as stipulated in Cabinet Decision No. 111/2022.
Applies to: Virtual Asset Service Providers (VASPs) operating within the Emirate of Dubai and its free zones