In a key decision, Dubai’s Virtual Assets Regulatory Authority (VARA) has pushed back the final date for Virtual Asset service providers (VASPs) to register or get licenses to operate in the Emirate. This important extension grants VASPs additional time to adhere to VARA’s rules system. It highlights Dubai’s dedication to cultivating a safe and clear digital asset atmosphere.
The Law, known as “VARA,” was set into motion with Law No. 4 of 2022. Its regulations rolled out in February 2023. Thus, a spotlight was cast on Dubai’s Virtual Asset section. It covers both dedicated VASPs and regular virtual asset businesses, which came under regulation. This key turning point pressed old-time operators to apply for VARA registration, guaranteeing full adherence to the regulatory framework.
In 2023, VARA’s devoted licensing team worked hand in hand with the Department of Economy and Tourism (DET) and the Dubai Free Zone Council (DFZC). The goal was to support VASP, to make the registration process easier, allowing for a smooth shift into VARA’s regulated framework.
VARA Is Dedicated To Provide Secure And Safe Digital Environment
VARA is dedicated to ensuring the virtual asset realm is secure and dependable. It is making certain Dubai’s VASPs abide by the guidelines. If some haven’t started applying, didn’t see notices from their business licensing groups, or haven’t filled their paperwork, they are urged to take action swiftly to avoid unexpected regulation issues.
Therefore, VARA has pushed back the last date for VASPs to submit their forms. VASPs get time until November 17, 2023, to meet VARA’s rules. This action highlights Dubai’s forward-thinking method to meet the demands of digital asset companies.
Thus, VARA’s decision to push back the deadline is a significant step towards establishing a robust, successful digital asset environment. This step manifests Dubai’s aim to provide a well-planned framework, fostering growth in the digital asset sector. While also ensuring transparency and consumer protection.
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