The MENA Catalysts Sam Blatteis said that the UAE is becoming the Coachella of the crypto world.
NH Management’s Tao Xiao explained that VARA’s objective is not to hinder progress but to secure the market’s integrity.
“It’s an intricate and lengthy process. The process of obtaining the necessary licenses demands diligence and patience, as each aspect of the business undergoes scrutiny to ensure compliance with Anti-Money Laundering and Know Your Customer regulations.” While compliance may be difficult, Xiao believes that there are many benefits to getting licensed in Dubai. The executive also highlighted that the requirements are “not impossible” to complete. Xiao added:
“The government is gradually doing for crypto what Silicon Valley did for tech. The country is quickly becoming the Coachella of the crypto world.”
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