{"id":549004,"date":"2023-02-07T16:10:17","date_gmt":"2023-02-07T13:10:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dubai-releases-crypto-regulations-for-virtual-asset-service-providers\/"},"modified":"2023-02-07T16:10:17","modified_gmt":"2023-02-07T13:10:17","slug":"dubai-releases-crypto-regulations-for-virtual-asset-service-providers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dubai-releases-crypto-regulations-for-virtual-asset-service-providers\/","title":{"rendered":"# Dubai releases crypto regulations for virtual asset service providers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be31678520\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be31678520\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/dubai-releases-crypto-regulations-for-virtual-asset-service-providers\/#%E2%80%9D_Dubai_releases_crypto_regulations_for_virtual_asset_service_providers_%E2%80%9C\" >&#8221; Dubai releases crypto regulations for virtual asset service providers &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Dubai_releases_crypto_regulations_for_virtual_asset_service_providers_%E2%80%9C\"><\/span>&#8221; Dubai releases crypto regulations for virtual asset service providers &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMTkwNGUwZmYtMTUxYS00MWE5LWE5NjAtM2ZlNGQ4NzNkZDA4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>The Virtual Asset Regulatory Authority (VARA), the regulator in charge of overseeing cryptocurrency laws within Dubai, has issued new guidelines for virtual asset service providers (VASPs) operating within the emirate.\u00a0<\/p>\n<p>According to Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, VARA has issued its \u201cFull Market Product Regulations,\u201d which include four compulsory rulebooks and activity-specific rulebooks that lay down the rules for operating VASPs. The rules only <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly to market participants within Dubai, excluding those operating under the Dubai International Financial Centre (DIFC), a free zone with its own regulator. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u26a0\ufe0fDubai <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a><\/p>\n<p>Dubai&#8217;s Vurtual Assets and Regulatory Authority issued the long-awaited Full Market Regulations for Vurtual Assets Services Providers (VASPs).<\/p>\n<p>\u2014 Irina \u20bf. Heaver (@IrinaHeaver) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IrinaHeaver\/status\/1622902878795866119?ref_src=twsrc%5Etfw\">February 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The Dubai regulator also highlighted that all market participants, whether they are licensed by VARA or not, must adhere to regulations for marketing, advertising and promotions regulations. Violators will be fined between 20,000 dirhams ($5,500) and 200,000 dirhams ($55,000), and repeat offenders could see fines as high as 500,000 dirhams ($135,000).<\/p>\n<p>The regulations also give guidance on other matters, such as the issuance of virtual assets. According to Heaver, there are several takeaways from the new update from VARA, including that issuing privacy coins is prohibited in Dubai and traders with trading capital above $250 million are required to register with VARA. <\/p>\n<p>The regulation also sets fees for advisory services, licensing, and annual supervision for custody, exchanges, broker-dealers and lending services. The fees range from 40,000 dirhams ($11,000) to 200,000 dirhams ($55,000), depending on the services. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Lawyer explains new federal virtual asset law in the United Arab Emirates<\/em><\/strong><\/p>\n<p>Commenting on the new development, Heaver told Cointelegraph it\u2019s a good thing that VARA provided clarity for the crypto space, explaining: <\/p>\n<blockquote><p>\u201cRegulatory certainty is very good for business. It is good for consumers, investors and for the Emirate of Dubai. The regulations are long-awaited and mostly welcomed.\u201d <\/p><\/blockquote>\n<p>Heaver added that although VARA has a broad authority to interpret the regulations and apply them in the way it sees fit, she believes and trusts that such interpretation and application will be done in line with \u201cthe spirit of Dubai\u2019s leadership,\u201d which considers business acumen and fostering entrepreneurship.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/dubai-releases-crypto-regulations-for-virtual-asset-services-providers\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Dubai releases crypto regulations for virtual asset service providers &#8220; The Virtual Asset Regulatory Authority (VARA), the regulator in charge of overseeing cryptocurrency laws within Dubai, has issued new guidelines for virtual asset service providers (VASPs) operating within the emirate.\u00a0 According to Irina Heaver, a crypto and blockchain lawyer based in the United Arab&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/1904e0ff-151a-41a9-a960-3fe4d873dd08.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77146,117,71644,55229,70934],"class_list":["post-549004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-uae","tag-business","tag-dubai","tag-law","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=549004"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549005"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}