Administrative Resolution No. (01) of 2023 establishes the VARA Grievance Committee to address grievances from parties in the virtual asset sector. The committee will review actions, penalties, or sanctions imposed under applicable legislation and related to VARA inspections. The resolution outlines the committee's formation, membership, meeting procedures, and decision-making processes.
Key requirements
- The VARA Grievance Committee is formed to consider grievances related to actions, penalties, or sanctions imposed under VARA legislation.
- The Committee consists of the Managing Director, a member of the Executive Board and CEO of Regulatory Policy and Governance, and the Chief Executive Officer of VARA.
- Committee decisions require a simple majority and must adhere to the grievance period outlined in Law No. (4) of 2022.
- The Committee has the discretion to cancel or modify decisions related to sanctions, penalties, or fines for violations of the Legislation.
Applies to: Parties in the virtual asset sector subject to VARA regulations in Dubai