Dubai’s Virtual Assets Regulatory Authority (Vara) has issued regulations to offer certainty and greater clarity on the expected level of operator responsibility and mitigate market risks.

The Virtual Assets and Related Activities Regulations 2023 mandates “gold-standard risk assurance” and anti-money laundering standards to be applied by licensed businesses within the emirate, said a statement from the regulator on Tuesday.

The regulatory framework is focused on the risks that each virtual asset activity presents to the market and seeks to offer service providers a clear framework of rules which apply to their operations and business models, Vara said.