Dubai has positioned itself as one of the most crypto-friendly cities, having established a new regulator to cement the United Arab Emirates’ position in the crypto space. Following the move, crypto exchanges began to flock to the region, securing the newly formed regulator’s approval to operate within the region.
In March, Dubai’s authorities announced a new law on crypto assets and established a new regulating body called the Dubai Virtual Asset Regulatory Authority (VARA). The regulator is tasked with organizing the issuance and trading of virtual assets and virtual tokens, authorizing virtual asset service providers, ensuring the protection of personal data, organizing the operations of virtual asset platforms and preventing price manipulation.
VARA has regulatory authority within the Emirate’s special development and free zones. However, it