NH Management’s Tao Xiao explained that VARA’s objective is not to hinder progress but to secure the market’s integrity.
While Dubai’s Virtual Assets Regulatory Authority (VARA) deployed comprehensive requirements for the crypto space, professionals working in licensing believe that the lengthy process is worth it.
Cointelegraph contacted crypto licensing executives working in Dubai to get their thoughts on the local licensing process and laws.
Tao Xiao, managing partner of business consulting firm NH Management, told Cointelegraph that VARA’s crypto licensing process can take up to a year. Xiao, who previously worked at Dubai’s Chamber of Commerce, said the process demands meticulous attention to detail and strong compliance measures. Xiao said: