Dubai's VARA Has Struck Correct Balance in Licensing Time Frame, Says Senior Official
Dubai’s Virtual Assets Regulatory Authority (VARA) aims to balance the licensing process for crypto-related applicants, asserting it is neither too fast nor too slow. VARA has granted full regulatory approvals to major exchanges like OKX, Crypto.com, and Binance over the past year. While no specific average licensing timeframe is provided, exchanges report months of regulatory discussions. VARA recently updated marketing rules for virtual assets and fined seven entities for operating without licenses. The focus remains on responsible licensing, compliance with anti-money laundering regulations, and customer protection. Increased interest from traditional financial institutions is anticipated at future blockchain events, indicating a trend toward institutionalization in the crypto space.
