With regulated entities under the Virtual Assets Regulatory Authority (VARA) of Dubai estimating year-to-date VA transaction volumes at almost Dhs2.5 trillion, Dubai has become the world’s largest licensed Virtual Assets (VA) market, further solidifying the emirate’s position as a major global financial hub.
This historic accomplishment is the result of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the UAE’s prime minister and vice president, as well as the ruler of Dubai, having the vision to control the market for virtual assets.
Three years ago, Sheikh Mohammed Bin Rashid issued the first-ever law governing virtual assets and instructions for the creation of the Dubai Virtual Assets Regulatory Authority (VARA), which would propel Dubai’s leadership in the financial and economic sectors of the future.
As Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai, presided over a committee meeting, these accomplishments were prominently displayed. Sheikh Maktoum gave his approval to the Dubai Financial Sector Strategy during the meeting. This comprehensive plan aims to establish Dubai as a major global financial center.
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