Helal Saeed Almarri, Director General Dubai’s Department of Economy & Tourism and Chairman of VARA’s Executive Board, said in a statement that the mission is 'to establish the Emirate as the capital of the future economy anchored by metaverse, AI, Web3.0 and blockchain.'Ĭrypto Exchanges FTX, Binance Gain Licenses in Middle East The agency says the new rules are intended to attract crypto businesses, protect digital asset dealers and investors, and curb illegal practices, all in service of promoting Dubai as a regional and international hub for virtual assets, boosting its competitive edge both locally and internationally.

The regulatory authority says any entity in the Emirate that issues virtual assets must comply with the rulebook, beginning with applying for a license to operate in Dubai. The government of Dubai’s stated goal of becoming a financial technology center was boosted Wednesday when its Virtual Assets Regulatory Authority (VARA) released its 2023 rulebook for regulating cryptocurrency.

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