Dubai Digital Assets Association

Hosts a roundtable discussion to mark the accomplishments of VARA in its first year of operations.

March 6, 2024 – Dubai:

Dubai Digital Assets Association (D2A2), supported by Dubai Chamber of Commerce, hosted an exclusive dialogue on the regulatory accomplishments of the Virtual Assets Regulatory Authority (VARA) as it celebrated the anniversary since the launch of its regulatory framework. The forum provided a platform for industry stakeholders to review and analyse the development of the regulatory landscape for virtual assets and the challenges industry is facing.

Participants included VARA, the Securities and Commodities Authority (SCA), several government authorities that are focused on developing the web3 ecosystem – such as Dubai Economy, DWTC, RAKDAO – to name a few, licensed Virtual Asset Service Providers (VASPs) by VARA, and service providers such as lawyers, compliance specialists and forensic intelligence consultants.

VARA outlined the licensing regime it has put in place and process of licensing adopted to support the industry.  Industry Participants highlighted the areas where they seek clarifications, adjustments, or improvements in the regulatory framework.

The occasion also presented an opportunity for regulators, businesses, and all stakeholders to engage in a meaningful and open discussion about the future of Virtual Assets in Dubai. Participants were able to exchange views with the regulatory authorities and fellow industry participants.

The feedback and insights gathered during the roundtable discussion will be consolidated into a submission by D2A2 on behalf of the stakeholders to regulatory authorities for suitable action.

Gaurang Desai, Chairman of the D2A2, commented on the occasion “At D2A2, it is important for us to bring together all stakeholders to bring out opportunities and challenges faced by each of them in order to arrive at solutions that are equitable and prudent for long-term sustainable growth of this nascent industry. We look forward to building on this momentum and becoming a trusted partner for industry participants and the regulators in time to come.”

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Information about the organizers:

D2A2 is one of more than 100 sector-specific Business Groups operating under the Dubai Chamber of Commerce umbrella. Business Groups create a dynamic platform for engagement to support policy changes and legislative enhancements, with the goal of enhancing the ease of doing business in Dubai, driving positive economic impact, and further strengthening the emirate’s position as a leading global business hub.