Dubai Virtual Assets Regulatory Authority: Will consider interconnection with Hong Kong if the business is appropriate

ChainCatcher news, according to Hong Kong media Ming Pao, Deepa Raja Carbon, Managing Director and Vice Chairman of the Dubai Virtual Assets Regulatory Authority (VARA), stated that after the turmoil in the virtual asset industry, people are more eager for clear regulations, which is the reason why international exchanges are developing their businesses in Dubai.

Hong Kong and Dubai share very similar DNA. The regulation of virtual assets does not need to be consistent across regions, but coordination between regulatory agencies is very important, as many scams involving virtual assets do not occur in a single region. Dubai and Hong Kong's regulatory departments also have close ties and highly appreciate Hong Kong's approach to regulatory issues. As long as the transactions or businesses are suitable for development in the region, they are willing to consider opportunities for mutual cooperation.