Dubai Orders First Digital Asset Management Act, Establishes Crypto Sector Regulatory Authority

Dubai Orders First Digital Asset Management Act, Establishes Crypto Sector Regulatory Authority

Dubai has adopted its first crypto regulatory law.

It also established a dedicated administrator who will oversee crypto operations and related service providers.

Crypto Sector Managed in Dubai

The Dubai emirate has adopted its first crypto asset management law and established a regulator that will oversee crypto operations and regulate crypto service providers.

The official Twitter account of Sheikh Mohammed bin Rashid Al Maktoum announced Wednesday that the first tangible property law has been approved in Dubai and the Dubai Virtual Assets Regulatory Authority (VARA) has been established.

The governor of Dubai, Sheikh Mohammed, is also the vice president and prime minister of the United Arab Emirates (UAE), a coalition of seven emirates.

He has previously held the position of Dubai police chief and public safety officer, as well as defense minister.

Noting that this law is the first of its kind to regulate tangible assets, Sheikh Mohammed noted:

The goal [is to] establish the UAE and Dubai’s position as a key player in designing the future of virtual assets globally.

Bookmark and Visit us for Bitcoin and Cryptocurrency latest and regular updates

According to the announcement, the Dubai Virtual Asset Regulatory Authority has been tasked with overseeing the trading and issuance of “real assets and token tokens.”

It is also responsible for authorizing and regulating visual goods service providers (VASPs).

In addition, the authority must ensure “high standards for the protection of beneficiaries’ personal data.”

It must also monitor the sale of tangible assets to prevent price fraud.


Crypto trading platforms that offer exchanges between cryptocurrencies and fiat currencies and between one or more cryptocurrencies are subject to VARA authorization and control.

In addition, companies that provide crypto transfers, storage, and administrative services are regulated by the new law.

The new law will apply to the rest of Dubai except for DIFC. Dubai Financial Services Authority (DFSA), the regulator of DIFC, is working on its cryptocurrency regulation.

The UAE has been striving to develop crypto laws to attract new businesses.

Its security regulator, the Securities and Commodities Authority (SCA), said on Tuesday that the UAE as a whole was close to launching its crypto asset management framework.

Bookmark and Visit us for Bitcoin and Cryptocurrency latest and regular updates

Leave a Comment