The VARA rules cover all digital asset-related communications leveraging Dubai-based media sites, search platforms, and publishing channels that target customers within the Emirate.
The Philippine central bank is not closing its doors to developments in digital currency exchanges but remains cautious about the potential risks of using foreign VASPs and investing in digital assets.
Firms at Stage 2 of application before Aug 31 will be processed under the move, which is meant to strike a balance between protection and promoting innovation.
Despite approving its licenses, the Thai securities regulator still needs to inspect the firms' operations before they can kick off market activities, a report noted.
The proposal is open to the public for feedback until August 12, 2022, per the notice on the SFC's website. A form is provided for the filing of comments.
SEC Chair Gary Gensler says that waiving some rules will lead more firms to “come in and talk” at a time when lawmakers are blaming digital assets for failure to protect investors.
The Exchequer stated that it had not found enough evidence of unhosted wallets posing a more significant risk for illicit use of digital assets to warrant pushing through with the proposal.
The conditions went into force last May 1 and bind any legal person in Belgium that provides exchange services on digital currencies, legal currencies, or custody wallet services.
The New York financial watchdog was assigned the responsibility of developing a new assessment mechanism for VASPs in the state’s new budget for 2023.
Digital asset firms registered in Singapore but operating outside the country will now be under the jurisdiction of the Monetary Authority of Singapore under the new law, which is sparking debate.
The central bank’s guidelines will potentially open up the banking system to the nascent sector, with banks not allowed to issue sweeping refusals to VASPs.
The newly formed Virtual Assets Regulatory Authority will oversee the industry in all emirate’s special development and free zones, except the Dubai International Financial Centre.
