DUBAIS CRYPTO regulator Virtual Asset Regulatory Authority (Vara) has updated its Digital Rule Book.
The Emirati regulator has introduced greater gearing control and security requirements through provisions in its brokerage and exchange rule books. This will help VARA’s rules to adapt to global risk standards, the regulator said in an E -mail message on Monday.
Vara has also introduced parts of its rule book to properly oversee areas of the crypto industry that were previously easily regulated, such as brokers and wallets.
The rules previously laid down by Vara have helped to establish the city as a crypto hub that won praise from cryptic companies for being reasonably clear in their demands to operate there. Larger exchanges such as Binance, Crypto.com and OKX have all won approvals under Vara.
Vara now takes these rules and upgrades them to reflect a more mature framework, as it says that the real license experience in the real world and international best practice.
“These rulebook updates amplify the basis of a responsible, scalable ecosystem,” said Ruben Bombardi, General Counsel and Head of Legislative Activation at Vara said in an E -mail comment that was shared with Coindesk.
Read more: The Dubai government opens the door to accept Krypto for service fees
