No middlemen, no central governing body, and complete transparency! This decentralized nature of blockchain technology, paired with an appropriate regulatory framework, makes cryptocurrencies alluring for many investors. And this is why Dubai is one of the favorite hubs for crypto investors as well as project developers. The emirate is a prime example of implementing a structured and comprehensive regulatory framework for virtual assets, known as the Virtual Assets Regulatory Authority (VARA).
Experts’ take on crypto regulations
Sharing insights during a panel discussion at Crypto Expo 2025, Dubai, Shantnu Saxena, CEO of crypto trading platform Encryptus, specified how the UAE has evolved from a non-crypto background to a crypto-supportive ecosystem, stressing the importance of VARA. “We have seen a time where only a few people attended blockchain events in Dubai”, said Saxena, and “ Abu Dhabi Global Market (ADGM) was one of the first to support and regulate cryptocurrency in the region.” Adding on, the CEO said that the word “crypto” was once even hard to mention, however, Dubai has rapidly changed to integrate and advance crypto into its economy.
In 2018, ADGM’s Financial Services Regulatory Authority (FSRA) introduced clear and comprehensive regulations for crypto assets. This move led several global crypto companies to settle in Dubai and expand their businesses.
The period after COVID-19 is also crucial, according to Saxena, as it brought spontaneous growth for the crypto landscape. Meanwhile, Haris Khan, VP of Growth and Marketing at RAIN, a crypto trading platform, highlighted the significance of VARA as a protection for blockchain companies. “When you have regulations, it gives protection”, said Haris Khan, and “not having regulations is a challenge for a company”.
VARA is more approachable
Some of the critical insights of the experts include the approachable and ready-to-help nature of VARA. Supporting this perspective, Saxena said that regulators in Dubai provide an instant response rather than waiting for 5 to 6 business days. Moreover, regulators do not grant licenses at the drop of a hat; instead, they learn about a company, understand its business and community perspectives.
Non-UAE Crypto regulators must understand these pain points
Sourabh Kumar, CEO of World Crypto Council, pointed out the need for other global crypto regulators to understand the pain points of blockchain companies and their consumers. “Some regulators work based on what they believe is right, devoid of consumer or company demands,” Kumar said.
Meanwhile, Saxena questioned why major regulators ask for the same license fee for all businesses and raised concerns over why big companies obtain crypto licenses much faster than smaller ones.
