VARA anchors progressive regulatory foundations for secure and scalable virtual assets

VARA anchors progressive regulatory foundations for secure and scalable virtual assets

Dubai, UAE: 2023 was a year marred by continued volatility in the world of virtual assets. Yet, it will also go down as being exemplary of the purposefulness of a secure, traceable and trustless VA network – making it the DNA of a resilient Future Economy. Keeping pace with the technological leapfrogs across blockchain and hybrid finance (decentralised and centralised constructs), Dubai’s Virtual Assets Regulatory Authority (VARA) has focused much of its efforts during 2023 on establishing Dubai as the leading, responsible hub for regulated VA. As the first regulator exclusively created to formalise the sector, VARA has issued a record number of regulatory licenses within its first year of full operations, fostering a secure, reliable and inclusive ecosystem of TradFi x DeFi operations.

VARA steadfastly upholds its alignment with international regulatory standards, especially those outlined by the Financial Action Task Force (FATF). This commitment is evident in VARA’s regulatory framework, which pioneers a balanced approach, harmonising innovation with stringent regulatory practices. Significant strides have been made by VARA in 2024 in regulatory announcements, beginning with the launch of path-defining regulations – another world first. Responsive refinements as promised, have been released to address necessary alignments to match sector maturity demands,