Dubai Mandates Licensing for Crypto Companies as It Sets Out Regulatory Requirements
Crypto firms must obtain authorization and relevant licenses to operate in Dubai, the jurisdiction’s new virtual asset rulebooks say.
The extensive rules published Tuesday detail requirements for companies from cybersecurity norms to compliance and risk-management standards. A separate set of rulebooks address specific activities like issuance, advisory, custody and exchange services.
All activities and firms fall under the supervision of the Virtual Assets Regulatory Authority (VARA), set up last year to oversee the sector as Dubai aims to attract crypto and blockchain companies.