In an interview with the Virtual Assets Regulatory Authority in Dubai

Amid the resurgence of global cryptocurrency markets, governments around the world are working to implement comprehensive regulatory frameworks and introduce important guardrails around crypto activities. One of the early players in this space was the Dubai Virtual Assets Regulatory Authority (VARA), which was established in early 2022 as the world’s only stand-alone, specialist authority for the virtual assets ecosystem.

VARA’s reputation as a progressive regulator has helped anchor Dubai and the UAE as a closely watched cryptocurrency hub with a diverse ecosystem of traditional and new economic players. Residents of the United Arab Emirates completed approx Last year, cryptocurrency profits totaled $204 millionwhich places the country in the top 50 in the world for these profits, and second largest country in the Middle East and North Africa region according to the total cryptocurrency value received.

To better understand VARA’s vision, mission and goals for using cryptocurrencies as an economic input, we met with Deepa Raja Carbon, Managing Director and Vice President of VARA to discuss broad topics:

• How and Why: Virtual assets are part of Dubai and the UAE’s broader vision for disruptive new technologies such as Web3, Artificial Intelligence, Blockchain and Metaverse
• VARA Perspective: Targeted regulation that fosters collaboration with industry is a more sustainable approach to rulemaking than regulation through enforcement
• VARA Vision: Given the borderless nature of virtual assets and the divergent global appetite to support the sector, creating a point of regulatory convergence is necessary to enable a harmonized and responsible virtual asset ecosystem around the world.

Watch the full video below.

This website contains links to third party websites that are not under the control of Chainalytic, Inc. or its affiliates (collectively, “Chainalytic”). Access to such information does not imply any affiliation, endorsement, approval or recommendation by Chainalytic of the site or its operators, and Chainalytic is not responsible for the products, services or other content contained therein.

This material is for informational purposes only and is not intended to provide legal, tax, financial or investment advice. Recipients should consult their advisors before making such decisions. Chainalytic assumes no liability for any decisions made or other actions or omissions in connection with the Recipient’s use of this material.

Chainalytic does not represent or warrant the accuracy, completeness, timeliness, suitability, or validity of the information contained in this report and will not be liable for any claims arising from errors, omissions, or other inaccuracies in any part of such material.