From the independent public institution VARA to its footprint on the Metaverse, the UAE is more prepared than ever to govern digital assets. Recently, Dubai introduced a new Virtual Assets Law, related to cryptocurrencies and NFTs! As a result, the UAE intends to exploit the new law to increase its presence in the Metaverse. Of course, the significant move implies that Dubai now accepts crypto-related firms on its ultra-modern physical property.
The Virtual Assets Law!
The Virtual Asset Law is part of Law No. 4, which was released this year by Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. It is now in effect in all of Dubai's free zones. Since its inception in 2015, this field has been evolving at breakneck pace. Nonetheless, the Virtual Assets Regulatory Authority may also be found in The Sandbox. In May, Dubai opened the MetaHQ to enable crypto and NFT traders learn about the new rules.
The independent public organization VARA is also a part of the process. This organization collaborates with the Dubai World Trade Center Authority, the UAE Central Bank, and the Securities and Exchange Commission. VARA will essentially assist, monitor, and support any digital asset/crypto-related business venture.
Residents of Dubai will require a VARA permission to exchange cryptocurrencies and other digital assets, provide digital wallet services, trade tokens stored on the blockchain, operate on NFT and crypto platforms, and possess digital asset custody services! “Dubai maintains a leading position at the forefront of technological transformation,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. “We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”