The virtual asset service provider (VASP), which oversees Dubai's digital currency legal regulator, the Virtual Asset Regulatory Authority (VARA), has issued a new basic policy.

According to Irina Schiff, a Dubai login password and blockchain technology engineer, VARA has already issued a "market-wide commodity policy and regulation", including four mandatory standard guides and special event flow guides, which define the operating rules of VASP. This standard only applies to market participants in Dubai, excluding those operating under the Dubai Financial Centre (DIFC). The Dubai Financial Centre is a free zone with its own regulators.

Dubai regulators also said that all market participants, whether approved by VARA or not, must comply with marketing, advertising and marketing policies and regulations. Violators will be punished with penalties ranging from 20, 000 dirhams ($5500) to 200, 000 dirhams ($55000), and those who happen again may be punished with penalties of up to 500000 dirhams ($135000).

The regulations also provide guidance on other matters such as the sale of virtual assets. According to Heaver, several key points of VARA's new update include Dubai's strict ban on the sale of personal coins, and traders buying and selling assets above $250 million must apply for registration with VARA.

The regulation also defines the annual control of expenses for technical advice, license plates and their escrow, trading centers, broker-dealers and loan businesses. Costs range from 40, 000 dirhams ($11000) to 200000 dirhams ($55000), depending on the service provided.

When talking about new opportunities, Schiff told Cointelegraph,VARA that it brought picture quality to the login password interior space, which was a good thing, he explained:

"Regulatory predictability is very helpful for companies. This will help customers, investors and the emirate of Dubai. This requirement is something that many people have been waiting for for a long time and are basically popular.

Schiff added that while VARA has broad rights to describe such requirements and use them in ways it sees fit, she firmly believes that such expressions and applications will be in line with "the fighting spirit of the Dubai leadership", which focuses on fostering innovative spirit in business service awareness education.