The Virtual Assets Regulatory Authority (VARA) of Dubai is now rounding up top crypto companies to set up shops and establish themselves. The founding member of Dubai Global Blockchain Council and founding partner of JBLV James Bernard stated that whether that be exchanges, NFT (Non-fungible tokens), or DeFi (Decentralized Finance) projects, VARA will start to look into creating the best practice in regulations of lapses in each of those verticals. 

However, they haven’t released the framework that those companies will use to launch products and projects but the local companies will be able to do it by the end of the year.

It appears that UAE wealth funds are now investing in cryptocurrencies and most of them are already based in Dubai. These companies believe that VARA will be more helpful compared to other nations where the licensing process is slower and stricter. After all, this well-established city is already known for its great business tourism. It’s usually praised for its low tax rate, its location close to talent hubs like some Asian countries and Pakistan, and also the easy processing of visas for employees.

The city’s creating a stretch to accommodate the crypto industry. It stated its intentions to become an exceptional metaverse space and offer 40,000 virtual jobs. In addition, the UAE is working to be cleared the grey list of the Financial Action Task Force, a Paris-based monetary watchdog. whereas it reinforced its anti-money laundering authority, which is to increase monitoring.