Regulation
In conversation with the Dubai Virtual Assets Regulatory Authority
Amid the recovery of global cryptocurrency markets, governments around the world are working to implement comprehensive regulatory frameworks and implement important protections around crypto activity. An early mover in this space was the Dubai Virtual Assets Regulatory Authority (VARA), established in early 2022 as the world’s only specialized and autonomous authority for the virtual assets ecosystem.
VARA’s reputation as a progressive regulator has helped anchor Dubai and the UAE as a closely monitored crypto hub with a diverse ecosystem of traditional and new economy players. Residents of the United Arab Emirates have approximately realized Last year, $204 million was earned in cryptocurrenciesplacing the country among the top 50 globally in terms of these returns, and the second largest country in the Middle East and North Africa region for the total value of the cryptocurrency received.
To better understand VARA’s vision, mission and goals in leveraging cryptocurrencies as an economic contributor, we met Deepa Raja Carbon, CEO and Vice President of VARA to discuss wide-ranging topics:
- How and why: Virtual assets are part of Dubai and the UAE’s broader vision for transformative emerging technologies such as Web3, AI, Blockchain and Metaverse
- VARA’s view: Targeted regulation that promotes collaboration with industry is a more sustainable approach to regulation than regulation through enforcement
- VARA’s Vision: Given the borderless nature of virtual assets and the divergent global appetite to support this industry, creating a point of regulatory convergence is critical to enabling a harmonized and accountable virtual asset ecosystem around the world.
Watch the full video below.
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