The Virtual Assets Regulatory Authority (VARA) is one of the earliest regulatory bodies to release comprehensive crypto assets regulations to promote crypto-related activities in Dubai. Established in March 2022, VARA was created to promote the emirate as a regional and international hub for virtual assets and related services.
VARA released a comprehensive regulatory framework for virtual asset service providers (VASPs) in February. The regulatory framework includes four compulsory rulebooks and activity-specific rulebooks for VASPs. The rules will govern VASPs operating within the Dubai region only. The VARA framework also includes a rulebook for marketing, advertising and promotions by VASPs.