Dubai introduced a new agency tasked with regulating virtual assets and strengthening the city’s position in the emerging global digital economy.

Sheikh Mohammed bin Rashid Al Maktoum announced this on Twitter.

According to a government statement, the pegulipovaniyu viptualnyx aktivov Dubaya (VARA) deyctvovat budet kak dochepnee agentctvo Dubayckogo Bcemipnogo topgovogo tsentpa and cocpedotochitcya nA coblyudenii tpebovaniyGorod, Duay, Bitcoin and packpytii infopmatsii poctavschikami u.chlug viptualnyx aktivov in Obedinonnyx Apabckix Emipatax (OAE). This body will control the issuance of NFTs and other cryptocurrencies, monitor the protection of users’ personal data, and monitor cryptocurrency platforms and digital wallets. The agency will also monitor suspicious crypto-currency transactions and take measures to prevent market manipulation of crypto-assets.

) These crypto licenses will be issued only to those firms that establish a representative office in the UAE. In addition to crypto exchanges, the Office for the Regulation of Virtual Assets will also determine the activities of storages and asset managers in the crypto-currency space. Without a VARA license, no organization will be able to legally engage in cryptocurrency activities in the emirate. In particular, any providers of virtual asset services, including cryptocurrency trading platforms, exchangers and custodial services, are required to obtain a license. There are fines for violation of the law, the amount of which is determined by the board of directors of the Dubai World Trade Center. In addition to imposing fines, VARA may suspend the license for up to six months and revoke the issued license.

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