Dubai Harbor’s Blockchain Stage buzzed with anticipation as the panel “Rules for a Rewired World – Cross-Border Regulation in the Digital Age” convened at Expand North Star. Investors, lawyers, and exchange executives gathered in Hall 1, eager to hear how regulators and market leaders are navigating the delicate intersection of compliance, innovation, and cross-border growth.
On stage were David Dohmen, Chief Regulatory Officer at Deribit by Coinbase (Netherlands); Ruben Bombardi, General Counsel at VARA (UAE); Katie Mitchell, Head of APAC and MEA Policy of Coinbase; and Val Malinovskiy, Founder & CEO of YPay (Australia).
The conversation wasn’t abstract. From sandboxes to derivative acquisitions, the discussion revealed a sector trying to harness structure without stifling ambition.
Regulation as a pathway to innovation
The panel emphasized that regulation is not just a legal necessity but a tool for unlocking business opportunities. VARA, with the highest number of regulated entities, was highlighted as a model for how jurisdictions can create trust while fostering growth.
“If you are an exchange in Dubai, you need to be regulated in VARA. For brokers in Europe or the UK, offshore operation is possible, but gaining jurisdiction is critical,” Ruben Bombardi explained. For market participants, compliance isn’t a constraint — it’s a lever for innovation.
David Dohmen stressed the importance of sandboxes and pilot programs, noting that these tools allow experimentation in a controlled manner. “Sandboxes are great tools to cultivate innovation while mitigating risk,” he said.
Global contrasts and cross-border strategy
The discussion also reflected on how regulation differs across markets. Katie observed that moving from traveling from the U.S to Singapore “felt like going back to the future,” noting that enforcement in the U.S. often targets individuals, while regulated markets abroad prioritize structured engagement and compliance frameworks.
Derivatives and large-scale product acquisition were also highlighted. For Coinbase, acquiring derivatives represents some of their biggest transactions, and partnerships with VARA were framed as a key addition to their global portfolio.
The unknown frontier: AI regulation
No conversation on digital markets today is complete without touching on emerging technologies like AI. When asked about regulating AI, the panel admitted uncertainty, acknowledging that comprehensive frameworks are still in development.
David Dohmen speculated that “superapps” could be a natural evolution in regulated ecosystems, combining multiple financial services under one regulatory-compliant umbrella. While details remain fuzzy, the panel underscored that regulation, at its best, can provide the guardrails to support innovation rather than hinder it.
Bridging stability and innovation
The overarching takeaway from the session was clear: regulation and innovation are not opposing forces. By crafting clear, cross-border frameworks and embracing sandbox experimentation, exchanges and financial institutions can unlock new business models, build trust, and navigate a global digital asset economy that is still very much in formation.
As the session wrapped, the audience lingered, energized by the message that thoughtful regulation can accelerate innovation — a blueprint for the “rewired world” of digital finance.
