From August 31, the cryptocurrency industry in Dubai must pass the certification of VARA (Dubai Virtual Assets Regulatory Authority). Now all virtual transactions will be included in the regulatory framework and regulated by the authorities.
This innovation applies to any business, even traditional, if the company performs cryptocurrency transactions. From now on, it is illegal to do this without a VARA certificate.
The new law will make all processes more transparent, and will also protect the rights of the company’s customers — in case of unforeseen circumstances, they claim compensation.