The Virtual Asset Asset Regulatory Authority Authority (VARA) regulatory authority has updated its rules for digital asset trading.
The Emirati regulator has introduced larger leverage and guarantee requirements through provisions in its broker and exchange rules. This will help Vara rules align with global risk standards, the regulator said in an announcement sent by e-mail on Monday.
Vara also introduced sections of her rules book to properly supervise the cryptographic industry areas which were previously slightly regulated, such as brokers and wallets.
The rules previously established by Vara have helped to establish the city as an crypto center, winning the praise of cryptographic societies to be reasonably clear in their requirements to operate there. Major exchanges such as Binance, Crypto.com and OKX have all won approvals under Vara.
Vara now takes these rules and improves them to reflect a more mature framework which, according to him, incorporates a real license experience and international best practices.
“These regulations updates strengthen the foundations of a responsible and scalable ecosystem,” said Ruben Bombardi, The Advocate General and responsible for the regulatory activation of Vara, said in a comment sent by e-mail shared with Coindesk.
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