Dubai has set up an agency to supervise its growing digital asset industry and promote innovation while safeguarding investor security. In February of the previous year, the agency, known as VARA, unveiled a regulatory framework to govern crypto operators and Virtual Asset Service Providers (VASPs) intending to operate in the city.
According to information on VARA’s website, in January the regulatory body granted 19 full digital asset licenses, while 72 initial approvals are awaiting complete issuance.