CandleFocus Dubai's VARA Has Struck Correct Balance in Licensing Time Frame, Says Senior Official
2024-10-16
Author: Content Editor
Dubai's Virtual Assets Regulatory Authority (VARA) believes it has struck the right balance in terms of the time it takes to award licenses to crypto-related applicants. While some may think the process is moving too slowly and others think it is moving too quickly, VARA believes it has found the Goldilocks principle of "just the right amount." In the past year, VARA has awarded full regulatory approvals to major global crypto exchanges such as OKX, Crypto.com, and Binance. VARA's focus is on responsible licensing, supervision, compliance, anti-money laundering, terrorism financing, and customer protection. VARA also expects more major traditional financial institutions to enter the crypto space in the future.
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