Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
Dubai approves law to regulate crypto, NFTs

Dubai approves law to regulate crypto, NFTs

by Jagdish Kumar
March 22, 2022
in Global
Reading Time: 4 mins read
2.9k
A A
0
Share on FacebookShare on Twitter

Taking a big leap in the adoption of cryptocurrency and NFTs in the Middle East region, Dubai has released a law that will regulate crypto. 

The first-of-its-kind law that regulates virtual assets was signed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai. The law will not only regulate coins but also non-fungible tokens (NFTs).

You might also like

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
7.3k
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
7.3k

Talking to Twitter, Sheikh Mohammed bin Rashid said, ” The future belongs to those who design it. Through the virtual asset law, we aspire to participate in shaping the future of this ever-evolving sector.”

The Dubai Virtual Asset Regulation Law will provide an advanced legal framework that will protect investors and promote responsible business growth within a virtual asset (VA) Industry governance that implements the highest international standards.

Cryptocurrency has become very popular in the past two to three years, as more and more citizens are moving towards it to gain financial freedom.

People who have joined the crypto bandwagon say, the majority of governments are mulling that crypto/virtual assets can be an alternative to the banking & financial sectors.

Decentralized finance (DeFi) has become very popular, as it offers more than any bank or financial institution offers them today.

The Dubai government has established a new independent authority under the Dubai World Trade Center Authority that will oversee the regulation, licensing, and governance of virtual assets, non-fungible tokens (NFTs), and cryptocurrencies.

Stressing on the importance of crypto, Sheikh Mohammed bin Rashid said that Dubai has all the qualities to become a global center for virtual assets. 

VARA (Dubai Virtual Asset Regulatory Authority), a new competent authority has been set up, which will monitor all digital transactions as well as protect the personal data of users. VARA will also be responsible for licensing and regulating the crypto sector across Dubai Mainland and Free Zone territories (exclusive of DIFC).


VARA: The industry’s competent body

According to Emirati law, it is prohibited for anyone to engage in any activity without authorization from VARA, since VARA is the entity responsible for regulating, supervising, and controlling virtual asset services.

VARA has been mandated to set up rules and control virtual assets activities like crypto management, crypto clearing & settlement service, apart from classifying what type of assets the project is.

People who want to practice any of those VA activities must establish a presence in Dubai to conduct business.


VARA NFT responsibilities

VARA will:

  • regulate the issuance and release of virtual assets and NFTs; 
  • regulate and provide a license to all virtual assets service providers; 
  • protect personal data of users and beneficiaries; 
  • regulate and monitor the platforms offering cryptocurrencies and digital wallets; 
  • monitor all digital transactions; 
  • prevent any manipulation or modification of prices of virtual assets.

VARA NFTs authorizations 

VARA has been authorized to: 

  • operate and manage virtual assets platforms services; 
  • check exchange services between virtual assets and currencies, whether national or foreign; 
  • look after the exchange services between one or more forms of virtual assets; 
  • check virtual asset transfer services, asset custody, and management services; 
  • and check services related to the virtual asset portfolio as well as services related to the offering and trading of virtual tokens.

Penalties

The new law also mandates VARA to impose penalties for any violation of the provisions of this law.

The fines imposed on a violator shall be determined by a decision issued by the board of directors of the Dubai World Trade Centre, the Dubai authority said.

In addition to the penalty of a fine, the VARA has also the mandate to suspend the permit of any company for a period not exceeding six months, cancel the permit, and coordinate with the competent commercial licensing authority in UAE to cancel the commercial license.


Pushing for a global NFTs position

With this law, Dubai is now looking to push itself as a new hub for cryptocurrency. In this regard, Helal Saeed Al Marri, Director General of Dubai World Trade Centre Authority (DWTCA) said that the new law will enhance the UAE as a new hub for development in this region. 

Adding further he said that VARA will provide a full range of VA services in coordination with the Central Bank of the UAE and the Securities and Commodities Authority.

By unveiling a law that regulates crypto and NFTs, Dubai has taken a lead in the adoption of crypto. This will be a game-changer for all the crypto companies looking to set up a base and are looking for an alternative other than Europe, the US, and Singapore. 

Tags: fungible meaningnft cryptonft marketplacenft meaningNFTsnon fungible tokenssell digital art
Previous Post

DAO on route to replace traditional institutions

Next Post

From Dust to KLV! Klever Exchange updates you’ve been waiting for

Jagdish Kumar

Jagdish Kumar

Reporting & writing on crypto & blockchain for the past few years. A content eagle, journalist & writer with a passion to explore new technologies that can change human lives. Joined Klever to make Crypto simple. Follow me on Twitter @TokenBharat or email me at jagdish@klever.io

Related Stories

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

by Maluh Bastos
February 3, 2023
0
7.3k

Klever K5 Wallet’s launch has been the buzz in the last few days. The new and improved Klever Wallet app...

Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

by Maluh Bastos
February 1, 2023
0
7.3k

The DeFi world is growing fast. Therefore, having a trustable and effective platform to navigate this universe can help users...

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Next Post
Klever Exchange Dust to KLV update

From Dust to KLV! Klever Exchange updates you've been waiting for

banks investing in cryptocurrencies

Are banks investing in cryptocurrencies?

Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8335 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version