Dubai is at the forefront of technology again with its new Virtual Assets Law on NFTs and crypto. From the autonomous public organization VARA to its presence on the Metaverse, the UAE is ready to regulate digital assets more than ever.
What is Dubai’s Virtual Asset Law?
The Virtual Asset Law is part of Law No. 4 issued by Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, this year. Accordingly, the UAE aims to use the new law to expand its presence in the Metaverse. Of course, the major step also means Dubai welcomes crypto-related businesses in its ultra-modern physical land.
Another part of the process is the autonomous public organization VARA. This organization works together with the Dubai World Trade Center Authority and the UAE Central Bank and Securities Authority. Basically, VARA will support, regulate, and promote any digital asset/crypto-related business endeavor.
For instance, Dubai residents will need to get a VARA permit for the following operations:
- Exchanging cryptocurrencies and other digital assets;
- Digital wallet services;
- Trading tokens stored on the blockchain;
- NFT/crypto platform operations;
- Digital asset custody services.
Where can you find Dubai’s VARA?
The Virtual Asset Law is currently valid in all of the free zones in Dubai. This area has been evolving at lightspeed ever since 2015 when it was founded.
“Dubai maintains a leading position at the forefront of technological transformation,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. “We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”