Crypto News

Dubai: World’s Crypto Capital?



Dubai is trying to become the world’s crypto capital, and the industry’s top names have set up shop there. Dubai has ramped up the heat as more countries embrace cryptocurrency. Dubai: the next crypto-hotspot?
Dubai’s VARA crypto journey

The UAE’s aim to develop a sought-after ecosystem for Web3 businesses and investors was born.

VARA will manage the regulation, governance, and licensing of cryptocurrencies, NFTs, and other virtual assets, according to the UAE government. The UAE’s prime minister wrote,

“We approved the virtual assets law and established the Virtual Assets Regulatory Authority.” An important milestone for the UAE in this industry. The Authority will work with linked bodies to ensure investor transparency and safety.

VARA regulates the issuance of new crypto tokens, supervises and controls virtual asset trading, ensures strong protection requirements, and monitors transactions. VARA will also oversee virtual asset transfers, management services, exchange services, virtual asset platforms, and virtual asset custody.

Without VARA’s permission, crypto-related activities are illegal. Digital asset traders must be in Dubai.
Dubai’s Virtual Asset Regulatory Authority has licensed #Binance (VARA).

This license allows #Binance to operate from Dubai, UAE.


16 March 2022

Dubai’s crypto community has grown since adopting the law. Binance and FTX received virtual asset licenses lately. In December 2017, the Media Office announced that the Dubai World Trade Centre would become a crypto zone.

Bybit moved from Singapore to Dubai in March. Another Singapore-based crypto exchange,, received preliminary clearance to launch in Dubai. Kris Marszalek, co-founder, said,

We’re delighted to offer new products and services in a market that values regulation and compliance.
Gulf City’s crypto boom: why?

Amrit Dhami, Thematic Analyst at GlobalData, said the UAE’s crypto policy is more about watching development than restricting it. By embracing mainstream cryptoassets and growing the domestic crypto sector, the UAE will attract crypto businesses. Her explanation:

“The UAE has adopted crypto locally. YallaMarket accepts bitcoin and has considered paying salaries in crypto. Government approval of virtual assets undoubtedly helped drive acceptability. Recruiters may tap into a reservoir of crypto-savvy, eager local talent.

Ralf Glabischnig, founder and board member of Swiss crypto center CV Labs, predicted the sector will “expand quicker than anywhere else,” citing the emirate’s economic environment. he said


“Talent is key when starting a new industry. Many brilliant people stayed in Dubai.

Dr. Marwan Al Zahrouni, CEO of the Dubai Blockchain Centre, said free zones in The UAE have established a framework to enable crypto entrepreneurs to set up exchanges while protecting consumers. Zahrouni:

“Five years ago, people didn’t come to Dubai for Bitcoin business… We’re open to changing regulations with reason.”
Followers increase

Henri Arslanian, PwC’s crypto head, departed on Thursday to start a $75 million digital asset fund in Dubai. Nine Blocks Capital Management, Arslanian’s new fund, obtains interim regulatory approval in Dubai. The ex-PwC CEO chose UAE for his new fund due to the lack of a “Tier-One” licensing environment and regulatory barriers.

CoinMENA has secured a provisional license from Dubai’s VARA, our third in just over a year since startup.
🔗 #Cryptocurrency #Regulation #Dubai

Last month, Sharia-compliant digital asset exchange CoinMENA got a provisional virtual assets license from VARA. The UAE’s script is swiftly turning as Europe and the US compare digital assets to the “Wild West.” The UAE has issued more than 30 crypto exchange licenses and implemented new rules in recent months.

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