Dubai Sets Deadline for Crypto Firms to Comply with Regulatory Framework

Dubai has issued an ultimatum to the burgeoning crypto sector within its jurisdiction: finalize applications by November 17 or face the consequences. The Virtual Assets Regulatory Authority (VARA) of Dubai has laid down the gauntlet for over a thousand crypto firms operating under its ambit.
In a bid to position itself as a leading crypto and blockchain hub, Dubai unveiled its comprehensive crypto regulatory framework earlier this year. The move is part of a larger strategy to attract virtual asset service providers (VASPs) by offering a regulated environment for firms to offer services to qualified investors and institutional clients.
The directive comes with a clear warning: firms that fail to complete their registration process within the given timeframe will automatically trigger enforcement actions. This stringent approach underscores Dubai's commitment to establishing a regulated and secure environment for the crypto industry.
VARA's proactive engagement with crypto entities is evident from the flood of applications it has received since April, when the United Arab Emirates' Securities and Commodities Authority opened its doors to these registrations.
The clock is ticking for crypto firms to align with Dubai's vision of a regulated digital asset market, and the November deadline is a crucial pivot point for these entities to secure their place in the emirate's financial landscape.

Public Relations @ MaskEX Global

Ayman Shaat

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