DUBAI TIGHTENS CRYPTO REGULATIONS: Dubai has tightened regulations on using cryptocurrencies like Bitcoin for property and retail transactions. Dubai's Virtual Asset Regulatory Authority (VARA) is enhancing compliance processes and consumer protection, with guidelines extending to mainland and free zones. Entities eligible for a Full Market Product License are to transition to VARA regulation by August 31. Dubai's Department of Economy & Tourism (DET) will manage inspections and penalties for VARA, enhancing consumer protection. VARA and DET will also collaborate on campaigns designed to raise awareness towards consumer protection in the virtual asset space, including ‘communicating consumer protection information and advice’. (By Nivetha Dayanand, Web Editor)