Dubai’s Virtual Asset Regulatory Authority VARA last month issued the world’s first comprehensive framework for virtual assets VA. Its rules serve as a benchmark for Hong Kong and other jurisdictions as they prepare to launch their own guidelines for virtual asset service provider VASPs in coming months.
In its role as a first mover, Dubai has done a lot of the “heavy lifting” for other jurisdictions, and it has gained an advantage in the race to become a global virtual assets hub, said Kristi Swartz, partner at DLA Piper.
“VARA’s mantra’ was that it wanted this legislation to be portable to set out a minimum...
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