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Dubai Introduces Virtual Assets Law on NFTs and Cryptos

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Dubai is at the forefront of technology again with its new virtual assets law on NFT and crypto. From the autonomous public agency VARA to its presence in the Metaverse, the UAE is poised to control digital assets more than ever.

Dubai’s Virtual Asset Law aims to take crypto and NFT trading to the next level. Credit: Freepik

What is Dubai’s Virtual Asset Law?

The Virtual Assets Law is part of Law No. 4 issued by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum this year. Accordingly, the UAE aims to use the new law to expand its presence in the metaverse. Of course, the major move means Dubai welcomes crypto-related businesses to its ultra-modern physical land.

Another part of the process is the autonomous public agency VARA. This organization works together with the Dubai World Trade Center Authority and the UAE Central Bank and Securities Authority. Basically, VARA will support, regulate and promote any digital asset/crypto-related business endeavour.

For example, Dubai residents are required to obtain a VARA permit for the following activities:

  • exchanging cryptocurrencies and other digital assets;
  • digital wallet services;
  • trading tokens stored on the blockchain;
  • NFT/Crypto platform operations;
  • Digital asset custody services.
VARA Metaverse Headquarters
VARA MetaHQ of Virtual Asset Law is currently available in the sandbox for crypto and NFT traders. Credit: Sandbox

Where do you find VARA in Dubai?

The Virtual Assets Act is currently valid in all free zones in Dubai. This area has been developing at the speed of light since 2015 when it was established.

However, you can find virtual resource regulatory authorities in sandboxes as well. Dubai launched MetaHQ in May to help crypto and NFT traders learn about the new law.

“Dubai maintains a leading position at the forefront of technological change,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said. “We have transcended the role of early adopter to become an innovator and participant in shaping the future of this technology.”

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