Source: Cointelegraph
Original: “Dubai Regulator Sets Compliance Deadline for Updated Cryptocurrency Rules”
Dubai's crypto regulator requires licensed digital asset companies to comply with the updated activity rulebook by June 19 to enhance market integrity and risk oversight.
On May 19, the Dubai Virtual Assets Regulatory Authority (VARA) announced the release of version 2.0 of the rulebook.
The regulator stated that it has strengthened controls over margin trading and token distribution services, unified compliance requirements for all licensed activities, and provided clearer definitions for collateral wallet arrangements.
The VARA team will communicate with licensed entities and expects these companies to comply with the updated rules after a 30-day transition period.
"According to global regulatory best practices, all affected Virtual Asset Service Providers (VASPs) will receive a 30-day transition period and are required to be fully compliant by June 19, 2025," VARA stated in the announcement.
VARA emphasized that it has strengthened oversight mechanisms for several regulated activities. This includes consulting, brokerage-dealer services, custody, exchanges, lending, virtual asset (VA) management and investment, as well as VA transfer and settlement services.
A VARA spokesperson told Cointelegraph that these updates will bring consistency to the definitions of core operational terms in all activity-based rules. The spokesperson cited examples such as "client assets," "qualified custodians," and "collateral requirements" which have received more unified definitions in the updates.
The update also coordinated risk management and disclosure obligations, particularly in areas where activities overlap, such as brokerage, custody, and exchanges.
"Our goal is to reduce ambiguity and help VASPs handle cross-functional compliance matters more conveniently," VARA told Cointelegraph.
Regarding margin trading, the VARA spokesperson stated that they have tightened leverage thresholds, required clearer collateral standards, and strengthened monitoring obligations for VASPs providing this functionality.
Margin trading allows traders to control larger positions with less capital. It can amplify both profits and losses. Tightening the leverage used by traders helps limit the risk of large-scale liquidations during market downturns.
The crypto regulator introduced a new chapter on token distribution, setting licensing prerequisites, investor protection measures, and marketing restrictions. The spokesperson particularly emphasized the marketing restrictions, especially concerning "retail-targeted products."
"This is to align with global behavioral standards and address observed regulatory gaps," the VARA spokesperson stated.
Related: Paraguay Expels Three Illegal Immigrants for Attempting to Steal Crypto Mining Equipment
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