VASP Compliance and Risk Management Rulebook issued by VARA

Recently, Virtual Asset Regulatory Authority (VARA) issued a “Compliance and Risk Management Rulebook” for the Virtual Asset Service Providers (VASP) operating in the Emirate of Dubai (except the units registered with DIFC).

The said Rulebook provides for AML and CFT guidelines, along with other compliance and risk management aspects, to be adhered to by the VASPs. The AML section of the Rulebook details the procedures and controls to be implemented by the VASPs to fight the money laundering and terrorism financing conducted through virtual assets.