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ARTICLE · 11 NOVEMBER 2022

Dubai's Digital Assets Aspirations

Jones Day
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On 11 March 2022, Dubai Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai (the "Law") came into effect. The Law establishes the foundation of a regulatory regime for virtual...

United Arab EmiratesTechnology
Jayant W. Tambe
Jayant W. Tambe
Abradat Kamalpour
Abradat Kamalpour
Daniel Partovi
Daniel Partovi
Sheila Shadmand
Sheila Shadmand
Nima Fath
Nima Fath
Heather Martin
Heather Martin
David Slim
David Slim
Leith Ismail Gouta
Leith Ismail Gouta
Author LinkedIn connections

In Short

The Situation: On 11 March 2022, Dubai Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai (the "Law") came into effect. The Law establishes the foundation of a regulatory regime for virtual assets in Dubai with the goals of protecting investors and promoting responsible business growth. To achieve those goals, the Law: (i) creates a virtual assets regulator; (ii) empowers the regulator to create appropriate laws and regulations; (iii) defines "Virtual Asset"; and (iv) identifies services that will require a license.

The Result: The first six months of this Law have seen Dubai's dedicated virtual assets regulator, the Dubai Virtual Assets Regulatory Authority ("VARA"), take two important steps. First, it has issued administrative orders governing the marketing, advertising, and promotion of Virtual Assets. Second, it has issued provisional approval to operate in Dubai—referred to as a Virtual Asset Minimum Viable Product License ("MVP

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