Leading regional and international coordination to eliminate regulatory arbitrage and making cross border compliance easier, is another aspect that can distinguish the UAE as a reputable player in the global crypto industry.
The crucial policy and strategic question for the UAE is how to maintain the fine balance between inviting innovation, technology and wealth generation and owning the future of crypto and blockchain, being the ‘Wall Street of Crypto’, as recently termed by Bloomberg, versus having robust regulations in place to control the possible risks associated to a financial crime that such new, technology boundaries may unwittingly bring.
The UAE has been protecting an encouraging environment for the growth of its crypto industry, especially with Dubai’s enactment of the Virtual Assets Law and establishment of VARA, and while the industry was largely unregulated a few years ago, recent legislative measures have shown the government’s enthusiasm to reduce the potential financial crime risk in the emerging industry.
With the rise of demand for Digital & virtual assets, Mahmood Bin Jaber Advocates & Legal Consultants has updated with the developments, rules & regulations in the field of law. We are here to serve the best possible assistance regarding disputes arising from digital assets.