Dubai’s VARA Declares June 19 Deadline—Crypto Woes and Whimsical Warnings!

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Dubai’s VARA Declares June 19 Deadline—Crypto Woes and Whimsical Warnings!

Ah, Dubai, that glittering desert jewel, now moonlighting as the stern schoolmaster of the crypto cosmos! The Virtual Assets Regulatory Authority (VARA), ever the fashionable regulator on the block, has splendidly decreed that all those swashbuckling cryptocurrency exchanges and service providers better have their act together by June 19. Yes, dear reader, the clock is ticking faster than a caffeine-fueled camel at a race meet. 🐪⏰

Crypto coins and Dubai skyline

In their infinite wisdom, VARA recently rolled out Version 2.0 of their Rulebooks—because what’s life without a little paperwork to keep things interesting? These rulebooks are not just a bunch of mumbo jumbo; they’re a masterclass in tightening the screws on everything from exchange services to lending. Think of it as Dubai’s way of saying, “We love innovation, but only if it’s done with a dash of regulation and a sprinkle of caution—preferably with a martini in hand.” 🍸

The new rules cover a smorgasbord of activities: advisory services, broker-dealer dealings, custody shenanigans, exchange antics, lending, borrowing, and even the virtual asset equivalent of a Sunday picnic—transfer and settlement services. All under one glittering umbrella that promises to keep the wild west of crypto from turning into a madhouse. Or so they hope. 🤞

Digital security concept

But wait, t even the most glamorous of parties need some semblance of order—and a bouncer named VARA. 🕺

Read more at Not-So-Serious Crypto Gazette, where rules are stricter than Aunt Agatha’s tea time and twice as entertaining.

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2025-05-19 16:48