Dubai's new regulatory rules require cryptocurrency companies to obtain authorization and relevant licenses

ChainCatcher news, the new virtual asset rulebook in Dubai states that crypto companies must obtain authorization and relevant licenses to operate in Dubai. The latest published rules detail the requirements for companies, ranging from cybersecurity standards to compliance and risk management standards, including a separate rulebook that covers specific activities such as issuance, consulting, custody, and trading platform services.

The rules indicate that all activities and companies are regulated by the Virtual Assets Regulatory Authority (VARA), which was established last year to oversee the crypto industry in Dubai. (Source link)