#dubaivaraissuesreserveassetauditcircular
🚨 DUBAI JUST TIGHTENED CRYPTO RULES!
Dubai’s VARA has issued a new Reserve Assets Audit Report circular for regulated crypto firms. 🇦🇪
Here’s what matters:
🔹 VASPs must maintain 100% reserves against customer liabilities
🔹 Reserves must be held 1:1 in the same virtual asset owed to customers
🔹 Reserves must be reconciled daily
🔹 Independent audits must verify reserves and custody arrangements
🔹 Audits cover assets across hot, warm and cold wallets
This is another major step toward making Dubai’s crypto market more transparent and reducing the risk of platforms misusing customer assets.
🔥 More regulation or more confidence for crypto?
What do you think?
#DubaiCrypto #CryptoRegulation #VARA
🚨 DUBAI JUST TIGHTENED CRYPTO RULES!
Dubai’s VARA has issued a new Reserve Assets Audit Report circular for regulated crypto firms. 🇦🇪
Here’s what matters:
🔹 VASPs must maintain 100% reserves against customer liabilities
🔹 Reserves must be held 1:1 in the same virtual asset owed to customers
🔹 Reserves must be reconciled daily
🔹 Independent audits must verify reserves and custody arrangements
🔹 Audits cover assets across hot, warm and cold wallets
This is another major step toward making Dubai’s crypto market more transparent and reducing the risk of platforms misusing customer assets.
🔥 More regulation or more confidence for crypto?
What do you think?
#DubaiCrypto #CryptoRegulation #VARA