MOI and Dubai Virtual Assets Regulatory Authority Ink MOU
The Ministry of Interior and the Dubai Virtual Assets Regulatory Authority (VARA) have signed a Memorandum of Understanding to step up collaboration in combating financial crimes related to virtual assets. This agreement highlights the UAE’s commitment to safeguarding its financial system while fostering leadership in the digital economy.
The MoU aims to unify efforts in information sharing on virtual asset service providers, illicit transactions, and unlawful practices. By facilitating a rapid and secure exchange of data between VARA and the Ministry of Interior, the agreement ensures that the virtual assets sector in the UAE remains secure, innovative, and aligned with international standards.
Key provisions of the MoU include the development of joint training programs, the formation of specialized task forces, and the creation of electronic platforms to monitor and detect suspicious activities. These initiatives aim to strengthen the regulatory framework, ensuring that only compliant virtual asset service providers operate in Dubai, thereby enhancing financial system integrity and consumer confidence.
Both entities will work closely to achieve the MoU’s objectives, particularly in consumer protection, anti-money laundering efforts, and maintaining financial stability in the UAE. Through this partnership, the Ministry of Interior and VARA reaffirm their commitment to fostering a safe, compliant, and innovative environment for the growth of the virtual assets sector.
Major General Khalifa Hareb Al Khaili, Undersecretary of the Ministry of Interior, emphasized the Ministry’s dedication to integrated collaboration with national institutions to enhance security and deliver services that reflect the UAE government’s vision and global standing. He highlighted the importance of institutional cooperation to achieve shared strategic goals and develop a robust regulatory framework.
This MoU marks a significant milestone in our collective mission to build a secure and well-regulated virtual assets ecosystem, said Matthew White, CEO of the Virtual Assets Regulatory Authority. By deepening our collaboration with the Ministry of Interior, we are reinforcing measures to detect and prevent financial crimes in the virtual assets space. This partnership ensures that Dubai continues to lead by example fostering innovation while safeguarding the integrity of the emirate’s financial ecosystem. Through this collaboration, we are not only enhancing the security of virtual assets but also cementing Dubai’s position as a global hub for responsible digital finance.