Dubai Regulator Virtual Assets Regulatory Authority (VARA) has updated its rules book for digital asset trade.
The Emirati regulator has introduced greater leverage controls and collateralization requirements through provisions in its corridor and exchange rules books. This will help the rules of Vara to align with the global risk standards, the regulator said in an announcement sent by email on Monday.
Vara has also introduced sections of his rules book to properly supervise the areas of the cryptographic industry that were previously slightly regulated, such as stockbrokers and wallets.
The rules previously established by Vara have helped establish the city as a cryptography center, gaining praise of cryptographic companies for being reasonably clear in their requirements to operate there. The main exchanges such as Binance, Crypto.com and OKX have won approvals with a rod.
Vara is now taking these rules and updating them to reflect a more mature frame that says it incorporates the real world’s license experience and international best practices.
“These rules book updates reinforce the foundations of a responsible and scalable ecosystem,” said Ruben Bombardi, The general lawyer and head of regulatory qualification in Vara, said in a comment sent by email shared with Coindesk.
Read more: Dubai’s government opens the door to accept cryptography for service fees
