Dubai’s VARA Issues New Risk Management Guidelines for Crypto Firms

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Dubai’s Virtual Assets Regulatory Authority (VARA) has issued new risk management guidelines for cryptocurrency companies.

According to Bitcoin.com, the guidance requires crypto firms to adopt data-driven risk assessment frameworks and incorporate them into daily risk-scoring models.

The guidelines also require virtual asset service providers (VASPs) to assess exposure to Financial Action Task Force (FATF) high-risk and blacklisted countries.

VASPs must update these country-risk assessments at least every three months.