Dubai’s Virtual Assets Regulatory Authority (VARA) has published a new, globally framed rulebook to regulate and codify digital asset issuance. The framework aims to give issuers, service providers and investors clearer legal and compliance guidance.
Dubai’s Virtual Assets Regulatory Authority has granted Xbase Virtual Assets Broker & Dealer Services LLC, part of RELM Group, a virtual asset service provider license to operate crypto brokerage services. The approval comes as VARA continues regulatory expansion despite regional instability.
Dubai regulator VARA issued a market alert directing KuCoin and related entities to stop providing virtual asset services to Dubai residents, saying they lack UAE authorization. The notice names Phoenixfin Pte Ltd, MEK Global Limited, and Peken Global Limited.
Animoca Brands received a VARA license on Feb. 5 allowing it to serve institutional and qualified investors in Dubai, marking a regulatory milestone for its Middle East expansion.