With year-to-date VA transaction volumes across regulated entities under the Virtual Assets Regulatory Authority (VARA) of Dubai estimated at nearly Dhs2.5 trillion, Dubai has become the largest licensed Virtual Assets (VA) market in the world, further solidifying the emirate’s position as a major global financial hub.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the UAE’s vice president, prime minister, and ruler of Dubai, had the visionary idea to control the virtual assets market, which led to this historic accomplishment.
In order to propel Dubai’s leadership in the upcoming financial and economic sectors, Sheikh Mohammed Bin Rashid issued the first-ever law governing virtual assets three years ago along with instructions for the creation of the Dubai Virtual Assets Regulatory Authority (VARA).
These accomplishments were brought to light during a meeting of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai, which was chaired by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the committee. Sheikh Maktoum approved the Dubai Financial Sector Strategy during the meeting, which is a thorough plan aimed at securing Dubai’s place as a major international financial center.
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