Vara seeks ways to boost UAE crypto firms' global activities

Dubai's Virtual Assets Regulatory Authority (VARA) is reaching out to other global regulators in a bid to create a system where cryptocurrency firms operating in the UAE can start operating globally.

- Nasreen Abdulla

The CEO of the authority, Mathew White, said such harmonisationor borderless systemcould be a possibility.

"We're of the mindset that we will share whatever information that we can to help other regulators understand the risks and for them to set up their own regimes,” he said. “What that will then allow us to do is to establish a number of key bilateral relationships that we'll have in place. Eventually, we'll get to the point where we'll have harmonisation. It’s just a matter of time. I’m quite excited about the conversations that we're having.”

White was speaking at the Token2049 Dubai event which took place at Madinat Jumeirah on April 30 and May 1. With over 500 side sessions, the event brought together over 15,000 experts and crypto decision-makers to exchange ideas and network. It is part of a global conference series that will take place at different locations around the world.

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