Sean McHugh debunked claims that VARA is too friendly with crypto regulation.
McHugh believes the agency has struck the right balance with the approval time frame.
VARA is at the forefront of Dubai’s crypto hub branding.
Sean McHugh, a senior official with Dubai’s Virtual Assets Regulatory Authority (VARA), pushed back against the opinion that his agency is taking a “friendlier-than-usual” approach to crypto regulation. He stated that VARA has found the correct balance in terms of time taken to award licenses to crypto-related applicants.
Dubai’s goal of becoming a crypto hub is well-known, alongside other Asian crypto centers like Singapore and Hong Kong. To achieve this goal, the region’s regulatory agency, VARA, has a key role to play, considering how regulation affects crypto development in various jurisdictions.
VARA and other regulators in the UAE, including the Abu Dhabi Global Market (ADGM), are leading the charge in branding the region and creating a welcoming environment for crypto participants. McHugh likened the VARA situation to the story of Goldilocks and the Three Bears.
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