New developments continue to come forward in the UAE as the Virtual Asset Regulatory Authority (VARA) in Dubai is making great strides to earn its stripes as the premier regulator for crypto and Web3 companies in the world.
After launching a suite of rulebooks in January 2023, in the past 10 months:
Custody staking has been added to the books
New regulations for stablecoins have been added in.
We are expecting major announcements and changes for game-fi, DeFi and crypto derivatives.
Almost 10 applicants have already been announced as being at MVP or Full Market Product (FMP) with their licence applications.
We are expecting there to be at least 15 licensed entities under VARA before the end of the year.
Not a bad start. It remains to be seen how viable the industry sector is going to be moving forward as the continuance of the bear market dampens spirits worldwide, but with the spot ETF movements in the US, the recent wins in courts and the continued regulatory developments, it seems that market players and UAE regulators are bullish.