Singapore, 31 October 2022 - Cobo has successfully received provisional approval from the Government of Dubai's Virtual Assets Regulatory Authority (VARA).
Asia Pacific’s largest digital asset custodian and blockchain technology provider, Cobo, received provisional approval from Dubai’s VARA to carry out its regional operations, making it one of the first few custodians to obtain this approval. Following this, Cobo is committed to empowering the crypto ecosystem by onboarding new institutions into the space safely, allowing for better crypto adoption.
"The receipt of this approval is the reflection of our consistent efforts to bring blockchain technology to mass adoption and more impact to the real world. At Cobo, we strive to power the crypto ambitions of more institutional clients in the global market with our decade-long industry experiences and technology capabilities,” said Lily Z. King, the Chief Operating Officer of Cobo.
Dubai as a Global VA Industry Hub
Dubai has made great strides towards establishing itself as a hub for the Virtual Asset [VA] industry. As the first and only jurisdiction globally to set-up a specialist regulator dedicated to the virtual asset economy, Dubai and VARA are paving the way forward with their efforts to create a sophisticated and progressive regulatory framework, which will allow the region to become one of the world's most favourable jurisdictions for digital asset initiatives.
VARA was established by the Dubai Law No 4 of 2022 or better known as the VAL (Virtual Assets Law), in March this year. The law regulates the virtual asset sector in the emirate of Dubai and its free zone territories, excluding the Dubai International Financial Centre (DIFC). It also oversees virtual asset licensing requirements under UAE law and authorises applications from businesses for virtual asset activities.
Cobo is Asia Pacific’s largest digital asset custodian and blockchain technology provider, based in Singapore. Trusted by over 500 institutions and HNWIs to grow and protect their crypto assets, the company focuses on building scalable infrastructure and powering the Web 3.0 revolution around the world. As a strong blockchain and DeFi infrastructure builder, Cobo provides SaaS (Software-as-a-Service) products such as WaaS (Wallet-as-a-Service), DaaS (DeFi-as-a-service), NaaS (NFT-as-a-Service), and Argus (The Smart Contract Based Custody).
Dubai Virtual Assets Regulatory Authority [VARA] is the world's first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories [excluding DIFC], and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.