“They are experimenting and trying new things,” said Michael Piwowar, referring to the launch of VARA (Virtual Assets Regulatory Authority) in Dubai. “They want to be leaders not only in the Middle East, but also in Africa and other places in the region as a starting point,” he says. The United Arab Emirates has set up a common law jurisdiction, he added, adding, “Both Abu Dhabi and Dubai have been very successful in attracting business in financial services in general, and fintech in particular, and are now using virtual assets are moving to.”
