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Mirsatori provides advisory services on legal and regulatory matters related to stablecoin projects: advising on the legal classification of tokens, analyzing applicable requirements, and structuring documentation and compliance procedures to ensure the project is launched correctly and to facilitate interactions with regulators and counterparties.
Explore Mirsatori guide to building stablecoin projects
Dubai’s Virtual Assets Regulatory Authority (VARA) has introduced a dedicated regulatory framework for the issuance and circulation of fiat-referenced virtual assets (FRVAs), including stablecoins, subject to compliance with the applicable requirements.
A fiat-referenced virtual asset (FRVA) is a virtual asset designed to maintain a relatively stable value by referencing one or more fiat currencies. FRVAs are not legal tender and are regulated as virtual assets under VARA’s regime.
VARA (Dubai Virtual Assets Regulatory Authority) is the regulatory body responsible for establishing rules and requirements governing virtual asset activities in Dubai. Mirsatori provides advisory services on legal and regulatory matters, including:
Legal analysis of the applicable regulatory regime and compliance perimeter in the selected jurisdiction (including requirements of the relevant regulators, where applicable).
Identification of licensable activities, preparation of the documentation package, and support with communications with the regulator.
Design of the corporate structure (entities) and drafting/review of key documents (terms, disclosures, risk factors, privacy policy, etc.).
Assessment of the risk of the token being classified as a security or other regulated instrument, and structuring recommendations to address the implications.
Development and implementation of internal compliance controls, due diligence procedures, monitoring, and reporting.
Legal/compliance assessment of tokenomics and coordination of a technical smart contract security review.
Alignment of data processing practices with GDPR and other applicable legal regimes (depending on user geography and the operating model).
Legal assessment of your model and end-to-end support to implement it in line with applicable regulatory requirements
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A stablecoin is a virtual asset designed to maintain a relatively stable value by referencing a fiat currency, a basket of currencies, or other assets. In most jurisdictions, it is not legal tender and is regulated as a virtual asset or a financial instrument, depending on the structure.
It depends on the jurisdiction and the project structure. In many cases, issuing and operating a stablecoin requires registration or licensing as a virtual asset service provider and compliance with AML/KYC and reserve requirements.
Stablecoins are issued by private entities and regulated under private-sector regulatory frameworks, while CBDCs are a digital form of sovereign currency issued by a central bank under public-law mandates.
Regulators commonly require sufficient and highly liquid reserves, clear rules on custody and segregation, periodic disclosures, and independent verification or audit.
Yes, but it requires careful consideration of cross-border regulation, sanctions constraints, AML/KYC requirements, and the rules of each jurisdiction where the token is offered or used.
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