The Dubai Financial Services Authority (DFSA) and the Virtual Assets Regulatory Authority (VARA) have signed a Memorandum of Understanding to signify and support their collaboration in regulating the virtual asset market in Dubai.
The MoU, which was signed by DFSA CEO Mark Steward VARA CEO Matthew White, provides a framework for collaboration between the DFSA, which is responsible for regulating and overseeing the DIFC’s virtual asset regime, and VARA, which governs the virtual assets economy across Dubai, excluding the DIFC.
Under the agreement the regulators will work together to:
- Strengthen cooperation on licensing, supervision, and enforcement matters
- Support efforts to combat money laundering, terrorism financing, and proliferation financing
- Facilitate the exchange of information to promote integrity and confidence across Dubai’s financial and virtual asset markets
Steward said: “Regulatory cooperation is an important step forward and this MoU will help the DFSA and VARA work together and share information on a formal basis to help develop further the virtual asset sector in Dubai.”
White added: “Dubai’s strength lies in our ability to innovate with regulatory coordination, offering clarity so that the industry can operate with certainty, investors are protected, and market misconduct is remediated swiftly.
"This MoU reinforces Dubai’s commitment to operating a single, high-integrity marketplace that sets global benchmarks for responsible innovation in virtual assets.”
