Sean McHugh emphasized that VARA has found a "Goldilocks" approach in licensing, balancing speed and security, which appeals to both applicants and critics alike.
VARA's meticulous evaluation process can lead to multiple months of discussions with applicants, ensuring that approvals are thoughtful rather than hasty, thus safeguarding the market.
By issuing full regulatory approvals to significant crypto platforms, VARA aims to position Dubai as a leading global crypto hub, competing with cities like Singapore and Hong Kong.
With recent updates to marketing rules and enforcement actions against unlicensed entities, VARA reinforces its commitment to responsible supervision and regulatory compliance.
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