Non fungible tokens (NFTs) are digital cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Although they’ve been around since 2014, NFTs are gaining popularity as means to invest, buy and sell digital artwork.
Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
Example of NFT can be Art, Music, Gaming Items, Videos, Creative Content Creators, Avatars, . They are bought and sold Online frequently with Crypto Currencies.
We at Bizvise Business Setup can assist you with NFT eMarketplace Provider Licence offered presently in SELECTED UAE Dubai based jurisdiction.
Includes firms engaged in providing an online platform for the buying & selling of third parties’ unique digital assets (NFTs) and facilitates commercial interactions between buyer and seller in return of a commission or remuneration. The online platform cannot be used to trade or promote crypto-commodities, cryptocurrencies or NFTs covering any regulated products or securities.
Minimum share capital is required. It cannot be combined with any other activity.
The Virtual Assets Regulatory Authority (VARA) is the sole authority regulating virtual assets across Dubai United Arab Emirates
* Above information is provided from published public sources as of September 2022 and may be subject to change based on approved licensing categories.
To mitigate risk and promote the industry, Dubai’s Virtual Asset Regulatory Authority (VARA) has issued ‘Regulatory Guidelines on Marketing, Advertising and Promotions related to Virtual Assets.’ These guidelines. are set out to provide a secure framework to facilitate safe growth of the new economy fuelled by the Virtual Assets industry. The regulations are aimed at enabling both safe market adoption as well as investor protection and will support all forms of communication, knowledge-sharing and market solicitation activities pertaining to Virtual Assets either offered by or being offered to the Emirate of Dubai.
For more information and details on these regulations, we strongly recommend you to talk to our Dubai based Business Setup Consultant at Bizvise or visit the VARA website for updates www.vara.ae
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