Clearer rules ahead for virtual assets

Following their agreement on a unified framework for regulating virtual assets in the UAE, the Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (Vara) have outlined a new structure defining each agency’s mandate.

- BY JUSTIN VARGHESE

Under Cabinet Resolution No. 111 of 2022, the SCA is responsible for licensing and supervising virtual asset service providers across the UAE. Vara, mean