Dubai Virtual Asset Regulatory Authority On Wednesday 9th of March, Dubai's ruler HH Sheikh Mohammed Bin Rashid al Maktoum announced that the Emirate of Dubai has enacted its first law governing virtual assets and has also formed an independent regulator to regulate the cryptocurrency sector named Dubai Virtual Asset Regulatory Authority. The Task of Dubai's Virtual Asset Regulatory Authority are the following:
Organising issuing and trading of virtual assets and virtual tokens
Organising and authorising virtual asset service providers
Ensure highest standards of protection for beneficiaries personal data
Organising the operation of Virtual Asset Platforms and portfolios
Monitor transaction and Prevent Virtual Asset price manipulation
The law defines the activities subject to Dubai Virtual Asset Regulatory Authority authorisation as follows:
Operating and managing virtual assets platforms services
Exchange services between virtual assets and currencies, whether national or foreign
Exchange services between one or more forms of virtual assets
Virtual asset transfer services
Virtual asset custody and management services
Services related to the virtual asset portfolio
Services related to the offering and trading of virtual tokens
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