Amidst the resurgence in global crypto markets, governments across the world are working to implement comprehensive regulatory frameworks and enact important guardrails around the crypto activity. One of the early movers in this space was the Dubai Virtual Assets Regulatory Authority (VARA), which was established in early 2022 as the world’s only standalone, specialist authority for the virtual assets ecosystem.
VARA’s reputation as a progressive regulator has helped anchor Dubai and the United Arab Emirates’ as a closely watched crypto hub with a diverse ecosystem of traditional and new economy players. UAE residents realized approximately $204 million in crypto gains last year, placing the country among the top 50 globally in terms of these returns, and the second largest country in the Middle East and North African region by total cryptocurrency value received.
To better understand VARA’s vision, mission and objectives in harnessing crypto as an economic contributor, we sat down with Deepa Raja Carbon, Managing Director and Vice Chairperson of VARA to discuss wide-ranging topics:
- How and Why: Virtual assets form part of Dubai and the UAE’s broader vision around transformative emerging technologies such as Web3, AI, Blockchain and the Metaverse
- VARA’s perspective: Purposeful regulation that fosters collaboration with the industry is a more sustainable approach to rule making than regulation by enforcement
- VARA’s vision: Given the borderless nature of virtual assets, and the divergent global appetite to support this sector, creating a point of regulatory convergence is imperative to enable harmonized and responsible virtual asset ecosystem worldwide.
Watch the full video below.
This website contains links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
This material is for informational purposes only, and is not intended to provide legal, tax, financial, or investment advice. Recipients should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipient’s use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in this report and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.