Submit the initial disclosure questionnaire by April 30

Dubai gives existing virtual asset companies time to register with VARA

Hilal Al Marri: "We are continuing to implement the Dubai Economic Agenda, which outlines our mission to strengthen the emirate's position as the capital of the future economy."

The Dubai Virtual Assets Regulatory Authority (FARA) has teamed up with the Department of Economy and Tourism (DET) and the Free Zone Authorities to ensure that the virtual assets sector meets the April 30 deadline for the submission of preliminary disclosure questionnaires, which represents the first step towards regulating the virtual asset market.

According to a statement issued yesterday, the Virtual Assets and Related Activities Regulations 2023 clearly stipulate that the virtual assets sector must be fully regulated by the Dubai Virtual Assets Regulatory Authority in Dubai, including all companies that provide products and services related to this sector.

As per Cabinet Resolution No. 111 of 2022 regarding the regulation of virtual assets and the activities of their service providers, which came into effect on 15 January 2023, all companies operating in the sector or wishing to operate in the Emirate of Dubai or from it are required to obtain a license from the Dubai Virtual Assets Regulatory Authority.

Hilal Al Marri, Director General of the Department of Economy and Tourism in Dubai, said: "We are continuing to implement the Dubai Economic Agenda, which outlines our mission to strengthen the emirate's position as the capital of the future economy, relying on modern technologies such as metaverse, artificial intelligence, Web 3.0 and blockchain."

"The virtual assets sector covers all these pillars and is an integral part of the strategy, representing a dynamic and evolving ecosystem that stimulates all aspects of sustainable economic growth," he added. "We focus mainly on ensuring the security of the market and the ability of its actors to take responsibility, as well as the access of investors and consumers to actual protection," Al Marri continued. He said: "We aim to set a benchmark that enhances Dubai's position as a global model for the development of the virtual assets sector, in light of the close cooperation between the actors responsible for commercial licensing activities across the emirate, in order to implement the regulatory structure of the full market product from the Dubai Virtual Assets Regulatory Authority."