The Dubai Virtual Assets Regulatory Authority (VARA) was established and authorized by Dubai Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai (Dubai VA Law) to regulate Virtual Assets and Virtual Asset Service Providers (VASPs).
VARA is affiliated to the Dubai World Trade Centre Authority (DWTCA), and is the competent entity in charge of regulating, supervising, and overseeing Virtual Assets and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre (the Emirate).
As set out in Article 5 of the Dubai VA Law, VARA has the following objectives:
1. to promote the Emirate as a regional and international hub for Virtual Assets and related services; to boost the competitive edge of the Emirate at the local and international levels; and to develop the digital economy in the Emirate;
2. to increase awareness on investment in the Virtual Asset services and products sector, and encourage innovation in this sector;
3. to contribute to attracting investments and encourage comp...