Dubai’s crypto regulator Digital Asset Regulatory Authority (VARA) has up to date its rulebook for digital asset buying and selling.
The emirati regulator has launched better leverage controls and collateralization necessities by provisions in its Dealer-Deal and Trade Rulebooks. This can assist VARA’s guidelines to align with international danger requirements, the regulator mentioned in an emailed announcement on Monday.
VARA has additionally launched sections of its rulebook to correctly oversee areas of the crypto trade that have been beforehand frivolously regulated, akin to broker-dealers and wallets.
The principles beforehand laid out by VARA have helped set up the town as a crypto hub, successful reward from crypto corporations for being fairly clear of their necessities to function there. Main exchanges akin to Binance, Crypto.com and OKX have all received approvals beneath VARA.
VARA is now taking these guidelines and upgrading them to replicate a extra mature framework that it says incorporates real-world licensing expertise and worldwide finest practices.
“These rulebook updates reinforce the foundations of a accountable, scalable ecosystem,” mentioned Ruben Bombardi,Basic Counsel and Head of Regulatory Enablement at VARA, mentioned in an emailed remark shared with CoinDesk.
Learn Extra: Dubai Authorities Opens Door to Accepting Crypto for Service Charges