Dubai has adopted the first law of its kind in the emirates that regulate virtual assets. They established an independent body to oversee the development of the world’s best business environment for virtual assets, both in terms of regulation, licensing and governance, and in line with local and global financial systems. “The future belongs to those who design it” – through the Virtual Assets Act, Dubai is about to participate in the design of this new and fast-growing global sector.
The Dubai Virtual Asset Regulatory Authority (VARA) will be established under the law applicable to the entire Emirate, including Special Development Zones and Free Zones. However, the Dubai International Financial Centre is excluded.
VARA has legal personality and financial autonomy and is linked to the Dubai World Trade Centre (DWTCA). The Dubai Virtual Asset Regulator, which envisions fixing the world’s virtual asset market leaders, trusted institutional enablers and innovation facilitators will serve as the central authority for this specialized industry.
The law also requires authorities to organize and establish rules and controls governing the implementation of virtual asset activities, including management, clearing and settlement services, in addition to the classification and designation of virtual asset types.
Virtual assets include crypto currencies such as Bit coin and non-fungible tokens (NFTs).The United Arab Emirates Government is taking concrete steps to establish a strong digital economy and take advantage of the benefits of digital transformation. The law defines the mission and capabilities of the VARA authorities, which are considered to be the authority to regulate, supervise and manage virtual asset services. The digital economy contributes about 4.3% to the UAE’s gross domestic product, which is equivalent to 100 billion AED ($ 27.2 billion). VARA will enhance the UAE and Dubai’s position in the virtual asset sector and attract leaders from around the world.
The new law and the establishment of VARA are one step ahead of Dubai and will have a positive impact on the emirate real estate market. Laws and regulators are welcomed by all current and future citizens and residents of the UAE. The real estate and holiday home industries will certainly benefit greatly, which will attract real estate investors who can buy real estate in crypto currencies. LCRE Dubai’s reputed real estate consultancy with its expert consultants helps finding innovative and attractive financial plans to invest in real estate in Dubai. Providing you outstanding levels of service and expertise in the real estate market.
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