Four years of virtual asset regulation: VARA’s approach

In 2022, Dubai became the first jurisdiction globally to establish a purpose-built regulator for the virtual assets sector. As VARA approaches its fourth year, it continues to evolve the world’s first bespoke framework for the supervision of virtual asset service providers.

Sean McHugh, senior director and head of market assurance at VARA, joins OMFIF to share insights from the authority’s unique regulatory journey. From building a sector and balancing risk with innovation to translating principles into practice as part of a live ecosystem. The session explores how VARA is approaching fast-evolving challenges across DeFi, tokenisation, stablecoins and the integration of Web3 infrastructure into mainstream finance, while ensuring Dubai remains a trusted, secure and forward-looking global hub for the virtual asset economy.