Dubai's Virtual Asset Regulatory Authority (VARA) has set a final deadline for all crypto-related businesses to finalize their licensing endeavors by November 17, 2023. This announcement comes as Dubai aims to establish itself as a global hub for the crypto industry. The new regulatory framework aims to provide a clear and transparent regulatory environment for crypto firms operating in Dubai. For virtual asset service providers (VASPs) that are unable to complete their registration by November 17, enforcement mechanisms will be “triggered by default,” the crypto regulator said.