The United Arab Emirates' Virtual Assets Regulatory Authority (VARA) is implementing a new rule requiring crypto firms to include disclaimers warning customers about the risks of digital assets, starting October 1. The disclaimer must inform potential investors that "virtual assets may lose their value in full or in part, and are subject to extreme volatility." Additionally, companies offering incentives must prove these won't mislead investors about risks.
Dubai has emerged as a top destination for crypto firms, thanks to favorable tax laws and strong venture capital presence. A recent report estimates that crypto traders in the Middle East could reach 700,000 by year-end 2024. The UAE's RAK Digital Assets Oasis, launched in 2023, continues to attract blockchain and crypto businesses, with over 100 entities licensed by early 2024.
