The Virtual Asset Regulatory Authority (VARA) in Dubai has revamped its regulatory guidelines for the digital asset trading sector. By introducing more stringent leverage controls and collateralization requirements, VARA aims to bring its Broker-Deal and Exchange Rulebooks in line with global risk management standards, as announced on Monday. The regulator has also expanded its rulebook to include closer oversight of previously under-regulated areas, such as broker-dealers and digital wallets. VARA's initial regulations played a significant role in establishing Dubai as a major crypto hub, with companies praising the clarity of the requirements for operating in the city.
Notable exchanges, including Binance, Crypto.com, and OKX, have all received approvals from VARA. Building on this foundation, VARA is now refining its rules to reflect a more mature and robust framework, incorporating real-world licensing experience and international best practices. According to Ruben Bombardi, General Counsel and Head of Regulatory Enablement at VARA, "these updates to the rulebook reinforce the foundations of a responsible and scalable ecosystem." For more information: Dubai Government Considers Accepting Cryptocurrency for Service Fees