Virtual Asset Service.

Short Details:

The Government of Dubai is pursuing a bold strategic agenda designed to ensure the emirate asserts its position as a global leader in the future economy. At a federal level, the UAE Council for Artificial Intelligence and Blockchain is working to promote collaboration between the public and private sectors to advance research in new technologies and develop an AI-friendly ecosystem. Aligned with the UAE vision, the Dubai Metaverse Strategy aims to create 40,000 virtual jobs over the next five years and add $4 billion to the economy.

A regional and global business hub for game-changing technologies, Dubai has rapidly emerged as an influential international player in the virtual assets space. It offers VASPs and other digital economy-focused companies multiple advantages, including future-ready regulations, a dynamic and expanding ecosystem, successful track record in innovation, and access to a highly skilled global workforce.

• 1. VA Advisory Services:- Offering, providing or agreeing to provide a personal recommendation to a client in respect of one or more actions or transactions relating to any virtual assets
• 2. Broker-Dealer Services:-
  • arranging orders for the purchase and sale of VAs between two entities,
  • soliciting or accepting orders for VAs and accepting fiat currency, or other VAs, for such orders,
  • facilitating the matching of transactions in VAs between buyers and sellers,
  • entering into VA transactions as a dealer on behalf of the entity for its own account,
  • making a market in virtual assets using client assets,
  • providing placement, distribution or other issuance-related services to clients issuing virtual assets.
• 3. Category 1 VA issuance:- Services in relation to the issuance of:
  • Fiat-Referenced Virtual Assets [FRVAs] that purport to maintain a stable value in relation to the value of one or more fiat currencies but do not have legal tender status in any jurisdiction,
  • Other VAs as may be determined by VARA.

• 4. Custody Services:- Safekeeping of VAs for or on behalf of another entity and acting only on instructions from or on behalf of such entity.
• 5. Exchange Services:- Provision of any of the following services:
  • conducting an exchange, trade or conversion between VAs and fiat currency,
  • conducting an exchange, trade or conversion between one or more VAs,
  • matching orders between buyers and sellers and conducting an exchange, trade or conversion between VA and fiat currency or one or more VAs,
  • maintaining an order book in relation to the above activities.
• 6. Lending and Borrowing Services:- Conducting transaction where VA shall be transferred or lent from one or more parties (known as the Lender) to one or more other parties (known as the Borrower) against the Borrower commitment to return the same upon the Lender’s request at any time before or at the end of the period agreed upon.
• 7. VA Management and Investment Services:- Acting on behalf of an entity as an agent or fiduciary or taking responsibility for the management, administration or disposition of that entity’s virtual assets.
• 8. VA Transfer and Settlement Services:- The transmission, transfer, or settlement of VAs from one entity to another entity or another VA wallet, address or location.