Dubai regulation check: Which companies got approvals recently?
Dubai has positioned itself as one of the most crypto-friendly cities, establishing a new regulator to cement the United Arab Emirates (UAE) position in the crypto space. Following this, crypto exchanges began to flock to the region, securing the newly-formed regulator's approval to operate within the region.
In March, Dubai’s authorities announced a new law on crypto assets and established a new regulating body called the Dubai Virtual Asset Regulatory Authority (VARA). The regulator is tasked with organizing the issuance and trading of virtual assets and virtual tokens, authorizing virtual asset service providers (VASPs), ensuring the protection of personal data, organizing the operations of virtual asset platforms and preventing price manipulation.
VARA has regulatory authority within the Emirate’s special development and free zones. However, it does not have jurisdiction over the Dubai International Financial Centre (DIFC). In a previous interview with Cointelegraph, Kokila Alagh, the founder of a UAE-based law firm, explained that the DIFC is governed by its own independent regulator called the Dubai Financial Services Authority.
Related: Dubai to ramp up metaverse efforts with 40,000 new jobs
With the region providing much regulatory clarity and an intention to become a key player in contributing to the future of crypto, exchanges took the opportunity to jump into the region, securing provisional approvals from VARA. In July alone, exchanges have secured approvals to expand their reach in the region.
On July 14, the OKX exchange made a push into Dubai as it acquired a provisional license under VARA. According to the OKX team, the license allows them to extend their services and products within the region. This means
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