According to Cointelegraph, the Virtual Asset Regulatory Authority (VARA) is one of the first regulators in the world to issue comprehensive regulations on crypto assets, aiming to promote crypto-related activities in Dubai. VARA was established in March 2022 to establish the UAE as a regional and international center for virtual assets and related services. VARA released a comprehensive regulatory framework for virtual asset service providers (VASPs) in February this year. The regulatory framework includes four mandatory rulebooks and activity-specific rulebooks for VASPs. These rules only apply to VASPs in the Dubai area. The VARA framework also includes a rulebook for VASP marketing, advertising and promotional activities. Deepa Raja Carbon, Managing Director and Vice Chairman of VARA, said VARA’s uniqueness lies in its flexibility, collaborative spirit and ability to respond quickly to market needs. VARA’s crypto asset regulation aims to make Dubai an industry hotspot and attract more virtual asset businesses from Eastern countries.