Dubai unveiled a new agency tasked with virtual asset regulation on Wednesday as its leadership looks to solidify the city’s position in the emerging global digital economy.
The Dubai Virtual Asset Regulatory Authority (VARA) will operate as an affiliated agency of the Dubai World Trade Center and will focus on compliance and disclosures of virtual asset service providers in the United Arab Emirates (UAE), according to a government announcement today. The new agency will also handle the UAE’s crypto licensing regime.
These crypto licenses will only be given to firms that establish a business presence in the UAE. Apart from crypto exchanges, VARA will also regulate the activities of custodians and asset managers in the cryptocurrency space.
Wednesday’s news confirms earlier reports that authorities in Dubai were working towards establishing a virtual asset licensing regime before the end of the first quarter. At the time, reports stated that the development was based on a collaboration between crypto exchange giant Binance and the Dubai World Trade Center.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.