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Sheikh Mohammed approves laws to regulate virtual assets (NFTs) in Dubai

Posted by Dubai Real Estate on March 11, 2022
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Sheikh Mohammed approves laws to regulate virtual assets (NFTs) in Dubai

 

Dubai, which is already a hub for the crypto and web 3.0 community, may have done this industry a big favor. On March 9, the city adopted its first brand new law meant to regulate the operations of cryptocurrencies and virtual assets, for instance, non-fungible tokens (NFTs). A tweet from Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of the United Arab Emirates (UAE) has confirmed it all.
“Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors,” Maktoum said in his tweet.

 

What is Dubai aiming for?

Under the new regulations, the UAE has established a Dubai Virtual Assets Regulatory Authority (VARA), which would be in charge of regulating these assets. The VARA is an independent authority under the Dubai World Trade Centre Authority, which will oversee the regulation, governance, and licensing of cryptocurrencies and NFTs.

The VARA’s main responsibilities are the following:

Regulating the issuance of new virtual tokens, supervising and controlling the trading of virtual assets, ensuring high standards of protection for personal data, monitoring transactions, and more. The transfer of virtual assets, exchange services, management services,  operating virtual assets platforms, and virtual asset custody is also under the VARA’s responsibilities.

Moreover, the new regulations prohibit anyone from engaging in crypto-related activities without the Dubai VARA’s authorization. Besides, people who want to deal in virtual assets will have to establish a presence in Dubai.

Maktoum said that the country wants to establish Dubai as a “key player in designing the future of virtual assets globally”.

 

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