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Vídeo: El marco legal de Dubái respalda el crecimiento de las criptomonedas y la IA
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Dubai has positioned itself as a global leader in regulating digital assets and artificial intelligence (AI), introducing frameworks that encourage innovation while maintaining oversight. With the increasing worldwide adoption of cryptocurrencies, the emirate has taken a pragmatic approach, implementing laws that aim to foster development while curbing bad actors.
“Dubai is the capital of crypto,” Dr. Theodoros Christodoulou, co-founder and CEO of Lab4Crypto told SiGMA TV. “They were the first to allow people to build and innovate. Regulations are very important because they give rules, but at the same time, they shouldn’t stifle innovation.”
UAE cabinet decisions lay the foundation
The regulatory foundation began with Cabinet Decision No. 111/2022, which established clear definitions for virtual assets and mandated licencing requirements for entities operating in the sector. Virtual asset service providers must obtain approvals from the UAE Securities and Commodities Authority (SCA) or local bodies to operate legally.
This decision grants the SCA authority over regulatory decisions, data protection, and Anti-Money Laundering (AML) coordination, in alignment with international standards such as those of the Financial Action Task Force (FATF). Penalties for non-compliance can reach up to AED 10 million.
To strengthen regional oversight, Cabinet Decision No. 112/2022 delegated regulatory powers within Dubai to the Dubai Virtual Assets Regulatory Authority (VARA). VARA is responsible for licensing, monitoring compliance, collecting fees, and addressing investor education and risk awareness.
“The police and regulatory authorities here collaborate with leaders to address blockchain issues,” said Christodoulou. “It’s not about overregulation. It’s about helping innovation thrive in a safe environment.”
VARA’s grievance committee reinforces accountability
Complementing the broader regulatory structure, Dubai Administrative Decision No. 1/2023 formed a grievance committee under VARA to handle disputes related to penalties, sanctions, and inspections. This committee plays a crucial role in upholding fairness and transparency in the application of the law.
Christodoulou stressed the importance of this balance: “We need regulation to stop bad actors, but at the same time, we cannot stop innovation. Dubai is doing a good job on that with its licensing schemes and other key mechanisms.”
Speed and strategy set Dubai apart
One standout quality of Dubai’s approach is the speed of its regulatory implementation. “What I like here is that everything is moving fast,” Christodoulou noted. “Usually, policymaking is slowed by bureaucracy, but Dubai moves quickly. That’s crucial for an industry that is itself fast-moving.”
Dubai’s commitment is underscored by its dedicated government ministry for blockchain and AI, a signal of its long-term strategic vision.
“Crypto is becoming the future,” Christodoulou said. “It’s a sector that needs more education and support to boost adoption. We project it could reach $10 trillion by the end of this year, and $25 trillion by 2030.”
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