| Aspect |
Dubai’s Law No. (4) of 2022 |
EU’s MiCA Regulation |
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| Scope and |
Applies to all zones in Dubai, |
Applies to all EU member states. |
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| Applicability |
excluding DIFC. |
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| Jurisdiction |
Regulates virtual assets |
Regulates crypto-assets within |
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within Dubai. |
the EU. |
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| Regulatory |
Virtual Asset Regulatory |
National regulators with EU |
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| Authority |
Authority (VARA) |
guidelines. |
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| Asset Categories |
Broad coverage of virtual |
Categories: Utility Tokens, Asset- |
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asset services (e.g., |
Referenced Tokens (ARTs), E- |
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exchanges, token trading). |
Money Tokens (EMTs). |
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| Businesses |
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Advisory Services |
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Custodial Wallets |
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Broker-Dealer |
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Exchanges for Crypto-to- |
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Services |
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Crypto Transactions or |
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Custody Services |
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Crypto-to-Fiat |
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Transactions |
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Exchange Services |
• EMT or ART Issuers |
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Lending & Borrowing |
• Crypto-Trading Platforms |
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Services |
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Management & |
• Crypto-Asset Advising |
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Firms |
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Investment Services |
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Transfer & Settlement |
Crypto-Portfolio Managers. |
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Services |
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Other Virtual Asset |
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Activities. |
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| Regulation of |
Virtual Asset Service |
Crypto-Asset Service Providers |
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| Service Providers |
Providers (VASPs) must |
(CASPs) must comply with MiCA |
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obtain VARA permits. |
requirements. |
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| Licensing |
Businesses with over USD |
CASPs must register and meet |
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| Requirements |
250 million in 30 days must |
strict transparency and |
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register with VARA. |
operational standards. |
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