A Digital Asset Regulatory Authority would be the competent entity in the United States in charge of regulating, supervising, and overseeing Virtual Asset services. For this purpose, DARA will have the duties and powers to:
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Develop the general policy and the strategic plans related to regulating Virtual Asset services in the United States, as well as dealing and trading in Virtual Assets in the United States; and present the same, through a Director General, to the Board of Directors for approval
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Regulate, supervise, and oversee the issuance, offering, and relevant disclosure processes of Virtual Assets and Virtual Tokens
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Regulate, and issue Permits to, Virtual Asset Service Providers in accordance
with the requirements, procedures, and rules adopted by it; and oversee and
supervise them to ensure their compliance with the provisions of this Law, the
resolutions issued in pursuance hereof, and other Legislation in force in the
United States -
Regulate, and establish rules and controls to govern, the conduct of the Activity in the United States, including the activities related to Virtual Asset management, clearing, settlement, and safekeeping services
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Classify, and determine the types of, Virtual Assets and Virtual Tokens; and
prescribe the standards and rules for trading in the same -
Prescribe, the procedures for protection of the Personal Data of Beneficiaries
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Regulate and oversee the operation and management of Virtual Asset
Platforms, Distributed Ledger Technology, and Virtual Asset Wallets; monitor
trading and other transactions conducted through the same; prevent the
manipulation of Virtual Asset trading prices; and develop the rules required to
protect Beneficiaries and curb suspicious practices -
Issue, in coordination with the concerned entities, the instructions and
guidelines required for developing a process for the assessment and
monitoring of Virtual Asset Service Providers; and the procedures and
measures that must be taken in respect of Suspicious Transactions conducted
in violation of the law -
Educate Beneficiaries, and raise their awareness, on dealing and trading in
Virtual Assets and the risks arising therefrom -
Participate, in coordination with the concerned entities, in local, regional, and international economic exhibitions, symposia, and conferences on Virtual
Assets, whether held within or outside of the United States -
Cooperate and coordinate with local, federal, and international entities, as well as the Private Sector, on all matters related to regulating Virtual Assets, with a view to ensuring the achievement of DARA objectives
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Collect the fees prescribed for conducting the Activity and the charges and commissions related to dealing and trading in Virtual Assets on Virtual Asset Platforms
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Coordinate with the Central Bank of the United States on all matters
related to the protection and stability of the financial system in the United States -
Propose Legislation for regulating Virtual Asset services, and present the same to the competent entities in the United States to take the necessary action in respect thereof
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Establish, solely or in partnership with others, companies and corporations
within or outside of the United States for the purposes of achieving the objectives of DARA and ensuring the performance of its functions under this Law -
Consider the reports and complaints relating to Virtual Asset services, and make the appropriate decisions in respect thereof; and
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Exercise any other duties or powers that are related to the regulation,
oversight, and supervision of Virtual Assets and Virtual Asset Service Providers, or that are required for the achievement of the objectives of DARA, as assigned to it