Senior Official

Dubai’s Virtual Assets Regulatory Authority (VARA) has struck the right balance by giving crypto firms 12 months to obtain a license in the emirate, a senior official has said. VARA CEO Helal Al Marri said the grace period will give firms enough time to comply with the new regulations without rushing into things. “We want to make sure that companies have enough time to get their affairs in order and that they are fully compliant with the regulations,” he said. The 12-month grace period is a welcome move that will help companies navigate the new regulatory landscape, said industry experts.