Dubai: new crypto regulations for VASP

Dubai: new crypto regulations for VASP

7 February 2023

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Dubai approves the law for the Virtual Asset Service Providers (VASP) operating within the UAE. 

The Virtual Asset Regulatory Authority (VARA) released the “Full Market Product Regulations”. 

It is compose of four books which contains guidelines and activity-specific rulebooks. 

The new crypto regulations are extended to all consumer limited to Dubai. The unique edge case is possible for who operating under the Dubai International Financial Centre that is a tax free zone with persona regulations. 

All participants must be fixed to regulations for marketing, advertising and promotions.

If consumers don't respect the rules, the penalties will range from $5,500 to $55,000. 

SOURCE: CoinTelegraph 

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