Dubai: Virtual Asset Regulatory Authority Signs Cooperation Agreement with the Department of Economy and Tourism

UAE News developments

Dubai: Virtual Asset Regulatory Authority Signs Cooperation Agreement with the Department of Economy and Tourism

Gulf News, 17 August 2023: Dubai’s Virtual Asset Regulatory Authority has signed a cooperation agreement with the Emirate’s Economy and Tourism Department.

The agreement outlines a framework for cooperation to deliver effective and synchronised virtual asset market assurance across the Emirate. This encompasses customer care and complaints, business on-site inspection and enforcement; business Virtual Asset Service Provider registration and licensing, education, training and knowledge sharing.

Under the agreement, the Department will add the Authority’s activities to its system for all virtual asset license issuing. The Department will be responsible for inspections and supporting the Authority with in situ enforcement. This will include imposing penalties such as suspensions or revocations in cases of proven negligence or non-compliance with the Authority’s rules.

It can also handle business as usual application renewals for virtual asset service providers who meet Authority requirements in full.

The Authority will be included in the Department’s e-permit system, which will enable one-touch point approvals on virtual asset events. Elsewhere the Dubai Corporation for Consumers Protections & Fair Trade Department within the Economy and Tourism Department will be upgraded with specialist virtual asset know-how, which will support the provision of a transparent and seamless customer experience.

The two entities will also cooperate on campaigns to raise consumer protection awareness about virtual assets. This will include providing consumer protection information and advice. The Department will also publish relevant notices and warnings, including penalty notices and consumer protection advisories on its websites.

The agreement has been signed following the issuing of new guidelines, which require entities qualifying for a regulated Full Market Product license to transition to an Authority-regulated regime by 31 August.

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Tanya Jain