Dubai’s crypto regulator Virtual Asset Regulatory Authority (VARA) has updated its rulebook for digital asset trading.
The emirati regulator has introduced greater leverage controls and collateralization requirements through provisions in its Broker-Deal and Exchange Rulebooks. This will help VARA’s rules to align with global risk standards, the regulator said in an emailed announcement on Monday.
STORY CONTINUES BELOW
VARA has also introduced sections of its rulebook to properly oversee areas of the crypto industry that were previously lightly regulated, such as broker-dealers and wallets.
The rules previously laid out by VARA have helped establish the city as a crypto hub, winning praise from crypto companies for being reasonably clear in their requirements to operate there. Major exchanges such as Binance, Crypto.com and OKX have all won approvals under VARA.
VARA is now taking these rules and upgrading them to reflect a more mature framework that it says incorporates real-world licensing experience and international best practices.
“These rulebook updates reinforce the foundations of a responsible, scalable ecosystem,” said Ruben Bombardi,General Counsel and Head of Regulatory Enablement at VARA, said in an emailed comment shared with CoinDesk.
Read More: Dubai Government Opens Door to Accepting Crypto for Service Fees
