UAE Virtual Asset Regulatory Authority (VARA) Regulations
Virtual Assets and Related Activities Regulations 2023 – UAE Virtual Asset Regulatory Authority (VARA) Regulations

UAE Virtual Asset Regulatory Authority (VARA) Regulations REG-III: Regulations III: General prohibition, holding out and Central Bank matters

What does REG-III require?

No entity may carry out a VA activity by way of business in Dubai (judged by holding out, regularity and scale, and commercial benefit) unless licensed by VARA, acting as an employee of a licensed firm, or an exempt entity; unlicensed entities must not describe themselves or behave as licensed or exempt; activities involving UAE central bank digital currency fall solely to the Central Bank, and firms must follow applicable Central Bank rules on, for example, payment tokens.

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