VARA was set up to achieve the goals stated by Law No.4 of 2022 concerning the Regulation of Virtual Assets in the emirate of Dubai. This authority is linked to the Dubai World Trade Centre Authority (DWTCA) and is responsible for licensing and regulating the sector across Dubai’s mainland and free zone territories (excluding DIFC). In coordination with the Central Bank of UAE and the Securities and Commodities Authority a full range of services is provided.
VARA’s tasks include organizing issuance and trading of virtual assets and virtual tokens, organizing and authorizing virtual asset service providers, ensuring the highest standards of protection for beneficiaries’ personal data, organizing the operation of virtual assets’ platforms and portfolios and monitoring transactions and preventing price manipulation of the virtual assets. Activities that fall under VARA authorization include operating and managing virtual assets’ platforms services, exchanging services between virtual assets and currencies, whether national or foreign, exchanging services between one or more forms of virtual assets, virtual assets’ transfer, custody and management services, services related to the virtual assets’ portfolio and services related to the offering and trading of virtual tokens.