Dubai's VARA Emerges as a Forefront Regulator for Crypto and Web3 Innovations

Since unveiling a comprehensive set of regulations in January 2023, VARA has been proactive in its advancements: <ol><li>They've integrated custody staking into their regulatory framework.</li><li>Innovative regulations tailored for stablecoins have been initiated.</li><li>Anticipation is high for upcoming proclamations concerning game-fi, DeFi, and crypto derivatives.</li><li>Nearly a dozen entities are currently navigating either the MVP or Full Market Product (FMP) phases of their licensing applications.</li><li>By year-end, it's projected that VARA will oversee at least 15 fully licensed establishments.</li></ol>
 The trajectory is impressive, though questions linger regarding the industry's long-term feasibility, especially given the global bear market's dampening effect on enthusiasm. However, buoyed by the recent momentum of spot ETFs in the US, favorable legal outcomes, and ongoing regulatory progress, both industry stakeholders and UAE regulatory bodies exhibit a bullish stance.

Public Relations @ MaskEX Global

Ayman Shaat

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