On July 10, the Dubai Virtual Assets Regulatory Authority suspended BitOasis’s conditional license to engage in activities related to digital assets. This action by the Dubai regulator is representative of and lends credence to the novel approach the United Arab Emirates and its domestic regulators have taken towards regulation of digital assets.
In contrast, U.S. regulators, as demonstrated by the charges against Coinbase and Binance in early June, have organized around an approach that provides no advance notice to industry participants, opting instead to bring charges which rely on untested and novel legal theories. Each emirate is left to determine for itself how it will regulate digital assets – a situation which has fostered intrastate competition through regulation for business and investment effected through incentives, including tax breaks and designated free economic zones. Abu Dhabi and Dubai in particular have assumed leading roles in attracting digital asset industry participants to their jurisdictions.
These policies, while different, stand in stark contrast with the U.S. approach – characterized by agency turf wars over who gets to regulate what, with industry participants stuck in the crossfire.
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