HomeDubaiDubai Introduces Virtual Assets Laws Concerning NFTs and Crypto

Dubai Introduces Virtual Assets Laws Concerning NFTs and Crypto


Dubai is at the forefront of technology again with its new Virtual Assets Law on NFTs and crypto. The UAE is more prepared than ever to regulate digital assets, from VARA, an autonomous public organization, to its presence at the Metaverse.


image of a woman in Dubai looking towards a digital Bitcoin cryptocurrency / NFT under the new law
Dubai’s virtual assets law aims to take crypto and NFT businesses to the next level. Credit: FreePik

What is Dubai’s Virtual Asset Law?

The Virtual Asset Law is part of Law No. This year, Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum issued Law No. 4. The UAE intends to make use of the new law in order to increase its presence in the Metaverse. The major step means that Dubai will now welcome crypto-related businesses to its ultra-modern physical land.

Another part of this process is the VARA autonomous public organization. This group works with the Dubai World Trade Center Authority, the UAE Central Bank, and Securities Authority. VARA is a regulatory and support organization that promotes any crypto-related business venture.

For instance, Dubai residents will need to get a VARA permit for the following operations:

  • Exchanging cryptocurrencies and other digital assets;
  • Digital wallet services;
  • Trading tokens stored on the blockchain;
  • NFT/crypto platform operations;
  • Digital asset custody services.

VARA Metaverse HQ
The Virtual Asset Law’s VARA MetaHQ is currently available on The Sandbox for crypto and NFT traders. Credit: Sandbox

Where can you find Dubai’s VARA?

The Virtual Asset Law is currently valid in all of the free zones in Dubai. This area has been evolving at lightspeed ever since 2015 when it was founded.

Nevertheless, you can find the Virtual Assets Regulatory Authority in The Sandbox too. Dubai inaugurated the MetaHQ back in May to help crypto and NFT traders learn about the new law.

“Dubai maintains a leading position at the forefront of technological transformation,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. “We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”


All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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