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UAE: Virtual Asset Regulation and VARA's Role

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by Giorgi Kostiuk

2 years ago

  1. Sean McHugh's Regulatory Experience
  2. VARA's Approach to Compliance
  3. The Future of the VASP Ecosystem


    4. The UAE has become a center for virtual assets regulation and VASP (Virtual Asset Service Providers). This journey began with the launch of Dubai’s Virtual Asset Regulatory Authority (VARA).

    Sean McHugh's Regulatory Experience

    Recently, VARA appointed Sean McHugh as Senior Director of Market Assurance, highlighting their focus on compliance standards. McHugh previously served as Global Chief Compliance Officer at Citadel Advisors and held various positions at Goldman Sachs and FINRA.

    VARA's Approach to Compliance

    VARA actively engages with VASPs to ensure adherence to the highest standards. McHugh noted that VARA emphasizes customer protection and the financial soundness of the ecosystem.

    The Future of the VASP Ecosystem

    VARA collaborates with DeFi and other VASPs to ensure regulatory compliance and licensing. McHugh highlighted the importance of technologies like AML and KYC for future regulation.

    The UAE continues to develop its virtual asset ecosystem, with a strong focus on compliance standards and advanced technologies.

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