The Dubai Virtual Assets Regulatory Authority (VARA) has published rules for trading crypto-currency derivatives on licensed exchanges. The document sets common standards for asset segregation, margin management and disclosure. The new rules apply to all licensed virtual asset providers (VASPs) in the emirate.

Both institutional and retail investors can trade derivatives. However, exchanges are required to conduct a thorough review of regular customers: assess their financial condition, experience, and risk-tolerance. For retail investors, the maximum leverage is set at 5:1 (initial margin 20%) - this is significantly lower than the conditions of offshore venues where the leverage can reach 100x.

The regulator also has emergency intervention powers: in case of market instability, VARA can suspend trading, raise margin requirements and compulsorily liquidate positions.