Blockchain has revolutionised how work is done by government, enterprises, startups and investors. The immense benefits of blockchain technology from transparency to accessibility has now been identified and adopted for use by different sectors. Digital assets such as cryptocurrency have drastically altered the investment landscape
Cryptocurrency comes with varying risks and opportunities and requires an understanding of how they are regulated in the UAE. Blockchain-based cryptocurrencies, such as Bitcoin among many others, carry with an inherent risk of money laundering and financing of terrorism (MLFT). With the establishment of the Virtual Assets Regulatory Authority (VARA), Dubai highlights its vision to become one of the leading jurisdiction for investment in digital assets.
The expert aims to:
• Explain how cryptocurrency works
• The scope of the new regulatory framework
• Identify common unlawful activities where cryptocurrencies are used
Alishia K. Sullivan, Partner, Morgan, Lewis & Bockius LLP (Dubai, UAE)