
In Dubai, there’s a place that makes sure all the digital money (like Bitcoin) companies play by the rules, and it’s called VARA. The boss of VARA, Matthew White, went to a big meeting in Paris to talk about how they want to help small digital money companies in Dubai. He said they want to make rules that are good for everyone, big or small companies.
______________________________________________________________________
- Dubai’s Virtual Assets Regulatory Authority (VARA) aims to lower compliance costs for small crypto firms.
- Matthew White, CEO of VARA, announced plans at Paris Blockchain Week to adapt regulations to accommodate all market participants.
- Despite broadly welcomed crypto regulations in Dubai, concerns persist over the expenses associated with compliance.
______________________________________________________________________
Dubai Regulator Aims to Ease Compliance Costs for Small Crypto Firms
Last year, Dubai made some new rules for digital money companies. These rules are like instructions on how they should work. Big companies like Crypto.com got a special permission that says they can work in Dubai because they followed the rules.
But, making sure you’re following the rules can be hard and cost a lot of money, which can be tough for smaller companies. So, Matthew White said they’re thinking of ways to help these smaller companies. They might let the bigger companies help the smaller ones so that everyone can do well in Dubai’s digital money world.
Join our special news email to keep up with all the newest stuff about digital money. Make sure you don’t miss out on secret tips and news from the big bosses of the digital money world!
Leave a Reply