ChainCatcher news, according to Hong Kong media Ming Pao, Deepa Raja Carbon, Managing Director and Vice Chairman of the Dubai Virtual Assets Regulatory Authority (VARA), stated that after the turmoil in the virtual asset industry, people are more eager for clear regulations, which is the reason why international exchanges are developing their businesses in Dubai.Hong Kong and Dubai share very similar DNA. The regulation of virtual assets does not need to be consistent across regions, but coordination between regulatory agencies is very important, as many scams involving virtual assets do not occur in a single region. Dubai and Hong Kong's regulatory departments also have close ties and highly appreciate Hong Kong's approach to regulatory issues. As long as the transactions or businesses are suitable for development in the region, they are willing to consider opportunities for mutual cooperation.

ChainCatcher news, according to CoinDesk, the Dubai Virtual Assets Regulatory Authority (VARA) is one of the regulatory bodies for the cryptocurrency industry in the United Arab Emirates (UAE). The authority stated that it has fined seven "entities" for operating without the required licenses and violating marketing regulations.VARA did not disclose the names of these entities and stated that it is investigating them in collaboration with local authorities. The fines for each entity range from 50,000 dirhams (13,600 USD) to 100,000 dirhams. The statement said: "All relevant entities have been instructed to immediately cease all activities and stop any marketing or advertising of virtual asset services." VARA indicated that this move also serves as a public warning to everyone to avoid dealing with any unlicensed companies.

ChainCatcher news, Binance announced that it has obtained a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), which applies to the local exchange Binance FZE located in Dubai. All accounts of UAE residents will be transferred from Binance's global exchange to the VARA-regulated Binance FZE exchange.UAE resident users will gradually receive emails requesting them to submit documents and update KYC information before the KYC deadline (December 15, 2024).

ChainCatcher news, according to CoinDesk, Matthew White, CEO of the Dubai Virtual Assets Regulatory Authority (VARA), stated at Paris Blockchain Week that the agency is currently considering many things to try to make the system and regulation suitable for everyone. One of these is to find a way to address the compliance costs for small (crypto) entities.Currently, the agency observes that there are not many companies with sufficient resources to accept regulation, and the new regulatory scheme includes allowing larger market participants to host smaller market participants.

ChainCatcher news, according to Cointelegraph, during a regulatory panel discussion at Paris Blockchain Week, Matthew White, CEO of the Dubai Virtual Assets Regulatory Authority (VARA), stated that the digital asset regulatory agency aims to provide a more favorable environment for smaller crypto entities. He acknowledged that cryptocurrency regulation is not perfect and is looking for ways to improve it. One plan currently under consideration is to alleviate the financial burden on small crypto businesses, as compliance is a "costly endeavor." The regulatory agency has recognized this issue and is seeking solutions.White explained a potential solution, which is a market structure example where larger participants can "host" smaller ones. In this structure, the costs would be borne by the more resource-rich entities. White also mentioned that considering issues like this is part of the process for regulators to establish rules while allowing for innovation, and they will continue to engage with the industry to better understand it.

ChainCatcher news, the cryptocurrency trading platform Crypto.com announced on platform X that it has obtained full operational approval from the Dubai Virtual Assets Regulatory Authority. The Crypto.com trading platform will be open to institutional investors, marking its first launch in the region.

ChainCatcher news, according to CoinDesk, the crypto lending platform Nexo has received preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA) to become a licensed entity in Dubai.It is reported that obtaining a full license includes three phases: preliminary temporary license, preparatory license, and operating license. Nexo's regional entity Nexo DTC is seeking full approval for lending and borrowing, management and investment, as well as brokerage proprietary trading.

ChainCatcher news, according to Cointelegraph, the Dubai Virtual Assets Regulatory Authority (VARA) has granted a license to the climate-friendly Web3 company Enjinstarter's AYA platform to provide crypto asset and investment services, but certain conditions must be met before the services can commence.It is reported that AYA is a Launchpad platform focused on climate, supporting innovations around sustainability, such as reforestation, natural credits, mangrove conservation, and sustainable agriculture. In addition to serving as a financing platform for green initiatives, AYA also helps projects dedicated to climate action through blockchain and Web3 infrastructure.

ChainCatcher news, according to CoinDesk, the digital asset investment platform Fasset has obtained an operating license as a Virtual Asset Service Provider (VASP) in Dubai, which will enable it to serve institutional, qualified, and retail investors.Obtaining the full license involves three stages: temporary license, preparatory license, and operational license. Fasset FZE has completed the third stage and will be able to provide brokerage services, as well as work closely with the Dubai Virtual Assets Regulatory Authority (VARA) to offer tokenized bonds and stocks.

ChainCatcher news, Crypto.com announced that its Dubai entity CRO DAX Middle East FZE has obtained a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to engage in specific virtual asset service activities.The VASP license will enable Crypto.com to provide regulated virtual asset service activities, including trading services, brokerage proprietary trading services, management and investment services, and lending services. These services will be offered to retail and institutional users in the market through the Crypto.com app and the Crypto.com exchange.

According to ChainCatcher news, as reported by Blockworks, Komainu, a compliant digital asset custodian established by Nomura Securities, Ledger, and Coinshares, has received approval from the Dubai Virtual Assets Regulatory Authority (VARA) to offer institutional staking and collateral management services in the region through its Komainu Connect platform. Additionally, it can provide custody and custodial staking services.Currently, Komainu has five employees in Dubai and plans to double that number by the end of the year.

ChainCatcher news, according to Bloomberg, the Dubai Virtual Assets Regulatory Authority issued a written reprimand on April 18 to Su Zhu and Kyle Davies, as well as two other co-founders of OPNX and its CEO. This was due to their operation and promotion of the new digital asset trading platform OPNX without the necessary local licenses.The regulatory authority stated: OPNX has been marketing on social media platforms but has not established the necessary restriction rules for Dubai/UAE residents. VARA indicated that it will continue to investigate OPNX's activities to assess any further corrective measures that may be needed. (Bloomberg)

ChainCatcher news, the cryptocurrency trading platform Crypto.com has announced that it has obtained an MVP preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA). The preparatory phase of the MVP stage allows approved licensees to meet all prerequisites required to operate an MVP market within the VARA framework. Once operational approval is granted, Crypto.com will be able to expand its suite of approved regulated virtual asset activities, covering a range of cryptocurrency trading services (spot and derivatives), brokerage, margin/leverage trading, and over-the-counter trading products focused on institutional settlement for investors.The Dubai Virtual Assets Regulatory Authority (VARA) was established in March 2022 under the Dubai Virtual Assets Regulatory Law to set international standards for the virtual asset industry. (Source link)

ChainCatcher news, digital asset custodian Hex Trust announced that it has obtained a Minimum Viable Product (MVP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing Hex Trust to provide a wide range of virtual asset services to institutional clients and mature investors in Dubai under its Virtual Asset Service Provider (VASP) framework.It is reported that Hex Trust received provisional approval from the Dubai Virtual Assets Regulatory Authority in June of this year. (Source link)

ChainCatcher news, according to Finextra, crypto custody firm Komainu has obtained a Minimum Viable Product (MVP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). Komainu previously received temporary approval from VARA in July 2022. (Source link)

ChainCatcher news, Hong Kong crypto investment platform Q9 Capital has obtained provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to establish a regional hub in Dubai to help develop its virtual assets ecosystem. Additionally, the company plans to provide product creation and execution services to global asset and wealth management firms.It is reported that Q9 Capital was founded in 2020, and its investment engine and white-label solutions enable asset and wealth management institutions to create, execute, manage, and report digital asset investment strategies through a single UI. (source link)

Chain Catcher news, Binance announced that it has obtained a Minimum Viable Product (MVP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), having previously received a temporary license in March 2022.Binance stated that the MVP license means that Binance will provide a range of virtual asset-related services to qualified retail and institutional investors in Dubai within the international benchmark legislative framework for Virtual Asset Service Providers (VASP), such as virtual asset trading services, exchange services between virtual assets and fiat currencies, virtual asset transfers, custody, management, issuance, and payment services. (Source link)