The Dubai Virtual Asset Regulatory Authority (VARA) has introduced changes to its crypto policies, which aims to tighten risk monitoring and ensure investors’ safety. The latest policies will also focus on deploying more control around margin trading and token distribution services. Through these upgrades, Vira expects the crypto ecosystems to be further expanded. The development comes weeks after the Dubai Land Department (DLD) became a pilot of its “real estate token project project”, which aims to initiate cooperation between the World Web 3 firms and the real estate community of Dubai.
Promotion The regulatory body announced May 19. Vara said in a press release that he has further explanated the requirements of compliance with all activities of licensed crypto and web 3.
Service providers who offer crypto advice and custody will have to align their business with upgraded guidelines. Exchange, broker dealer services, and loan and loan services will also need to implement better policies. “This Refreshing the rule book “The foundations of a responsible, expanding environmental system were strengthened,” said Robin Bambaradi, the general councilor of Vara and the head of the regulatory eligibility.
Enforcement of client risk diagnosis every three months is part of the Vara rules. Virtual asset services providers have also been instructed to confirm their clients’ identity names, nationalities, leaves, birth locations and other details. “The latest information is designed to promote more market discipline, risk transparency, and operational flexibility in Dubai’s virtual asset environmental system,” Vara said.
In the coming days, Vara’s officials will reach licensed crypto institutions to help them follow the refreshing operational guidelines. The agency’s monitoring team will provide each agency with related activity guidance.
The regulatory body has decided to have a 30 -day window for crypto businesses so that they can comply with the rules. The deadline for compliance is set on June 19.
In recent times, Vara has repeatedly indicated that he has witnessed an increase in crypto fraudulent activities, which poses direct financial risks to investors. In February, the agency urged investors to be careful Memecoin Engagement is called “extreme speculation” assets.
Vara had previously introduced changes to crypto marketing policies in September 2024. Among the evolutionary regulatory landscape, Dubai is taking steps to connect the Crypto and Blockchain with government services. Last week, for example, the Dubai Department of Finance (DOF), along with Crypto.com, allowed Crypto to pay for government services.