Dubai’s Virtual Asset Regulator Levies Hefty Fines for Non-Compliance with its Regulations
Dubai, a global hub for virtual assets and cryptocurrencies, has taken a significant step forward in regulating the new industry of Virtual Assets. Earlier this year, the Dubai Virtual Assets Regulatory Authority (VARA) introduced its Virtual Assets and Related Activities Regulations 2023 (the Regulations), accompanied by rulebooks that set out the mandatory obligations for Virtual…