The organizer in Dubai sets the deadline for compliance with the updated encryption rules
The cryptocurrency regulator in Dubai gave the licensed digital asset companies until June 19 to comply with the writings of the updated rules based on the activity to enhance market safety and risk control.
On May 19, the Dubai Virtual Assets Regulatory Authority (VARA) announced that it was Absolute Version 2.0 of the rules books.
The organizer said it has strengthened the controls on margin trade and symbolic distribution services, coordinated compliance requirements in all licensed activities and given clearer definitions of the side wallet arrangements.
The VARA team will communicate with licensed entities and companies are expected to comply with the updated bases after a period of 30 days.
“In line with the best global organizational practices, a 30 -day transitional period was granted to all affected virtual asset service providers [VASPs]With the full compliance required by June 19, 2025, “Vara wrote.
VARA enhances supervision mechanisms
VARA highlighted that she had strengthened supervision mechanisms through many organized activities. This includes consulting, broker broker, custody, exchange, conjunction and borrowing, virtual asset management (VA) and VA transfer and settlement services.
A spokesman for VARA told Cointelegraph that updates will bring consistency across all activity -based rules that determine the basic operational conditions. The spokesperson gave examples of conditions such as “client’s origins”, “qualified trustee” and “side requirements” as some of the terms that are more stable in the update.
The alignment of the update is also committed to managing risk and disclosure, as activities overlap, in areas such as mediation, nursery and exchange.
“The goal was to reduce mystery and help VASPS to move in multi -function more easily,” Vara told Cointelegraph.
Related to: Dubai Government Agencies to link Real Estate Registry with Property Code
Dubai organizer tightens the leverage thresholds for margin trading
As for margin circulation, the Vara spokesman said they tightened the leverage thresholds, clearer guarantees, and enhancing the Observation obligations for the VASPS that offered this feature.
Margin trading Traders are allowed to control large situations with less money. It inflates both gains and losses. Tightening benefit from the use of merchants to reduce the risk of decline widely in the decline in the market.
The encryption organizer has presented a new section on the distribution of the distinctive symbol that defines the requirements for licensing and protecting investors and marketing restrictions. The spokesperson emphasized marketing restrictions, especially for “offers facing retail”.
“It comes to compatibility with global behavior expectations and closing the monitored organizational gaps,” said Farra spokesman.
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