Dubai is again taking the lead in shaping the future of virtual assets. The Virtual Assets Regulatory Authority (VARA) has released Version 2.0 of its Rulebooks. This update introduces clearer and stricter guidelines for all the region’s crypto exchanges and service providers. Notably, a new deadline has been set for June 19, 2025. Crypto companies are urged to act fast to follow the latest rules. The goal is to protect the market while keeping Dubai open to innovation in the fast-growing crypto space. Dubai Introduces Clearer, Stronger Framework for Crypto Activities VARA’s updated Rulebooks focus on seven main areas of virtual asset activity. These include exchange services, custody, advisory services, and broker-dealer operations. It also covers lending, borrowing, asset management, transfer, and settlement services. The new rules provide better safeguards for market participants. This is especially in areas like margin trading and token distribution services, which have grown rapidly in Dubai’s crypto market. In addition, the Rulebooks now include more explicit definitions for collateral wallet arrangements. This gives firms and users a better understanding of how the city’s assets are stored and protected. These updates aim to make the market safer, more transparent, and more resilient, without slowing down innovation. Dubai Regulators Take a Balanced Approach to Growth According to Ruben Bombardi, VARA’s General Counsel and Head of Regulatory Enablement, these new rules are designed to balance innovation with strong compliance. He reiterated that the VARA 2.0 version is created to help build a solid base for a responsible and scalable digital asset market. This approach means Dubai can remain a welcoming place for crypto businesses and blockchain technology while building trust and safety for users. Dubai’s Influence Reaches Beyond Its Borders Since VARA was created under Law No. 4 of 2022, it has helped make Dubai known as a top place for crypto. The city’s clear rules have attracted crypto companies like Deribit and institutional firms worldwide. New updates show that Dubai’s role in the crypto world is strengthening. Ripple, a big blockchain company, recently bagged two new clients in the UAE and reported that more people in the Middle East are demanding its services. The company noted that 64% of regional finance leaders prefer blockchain technology because it helps facilitate faster payments and settlements. At the same time, CME Group has started offering futures contracts for XRP, Ripple’s digital coin, showing even more interest in digital finance in the region. This happened after the company’s crypto market derivatives saw more trading activity earlier this month. The post Dubai Sets New Rules for Crypto Firms With VARA 2.0 Update appeared first on TheCoinrise.com .
