On May 19th, the Dubai Virtual Asset Regulatory Authority (VARA) announced a significant update to its compliance framework, emphasizing the importance of regulatory adherence among licensed digital asset firms. The agency is mandating that these companies align with the newly released Rulebook 2.0 by June 19th, aiming to bolster market integrity and enhance risk governance. This update introduces stringent guidelines surrounding margin trading and token distribution, ensuring a robust regulatory environment. Additionally, the rulebook outlines standardized compliance requirements for all participating businesses, fostering uniformity in the ever-evolving digital landscape. The VARA’s initiative also clarifies custodial wallet arrangements, marking a proactive approach to secure asset management and investor protection. This move potentially positions Dubai as a globally reputable hub for cryptocurrency by prioritizing accountability and trustworthiness within the sector.
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