Raja told Cointelegraph that the regulatory body followed an inherently consultative and collaborative approach by engaging with various stakeholders ranging from industry leaders to innovators, peer regulators to legislators, and the common public.
Deepa Raja Carbon told Cointelegraph that VARA took a collaborative approach and consulted stakeholders, legislators and the general public to develop its virtual asset regulatory guidelines.The Virtual Assets Regulatory Authority is one of the earliest world regulatory bodies to release comprehensive crypto assets regulations to promote crypto-related activities in Dubai. in February this year.
Raja explained that VARA follows the ethos underpinning a philosophy that seeks to “find the highest point of convergence as a universal threshold rather than a minimum standard baseline is what will ultimately elevate and scale the entire ecosystem.” When asked about the key challenges faced by VARA while establishing these virtual asset frameworks, the vice chair noted that crafting guidelines for a nascent industry like virtual assets is undeniably challenging. She added that the regulatory body rigorously analyzed existing frameworks and keenly observed the learning curves experienced by other regulatory bodies.
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