KARM Legal Releases Report Assessing Regulatory Framework for Virtual Assets – Press Release


The UAE’s Pioneering Efforts in Blockchain and Crypto are Shaping the Future of Finance

DUBAI, Mar 8, 2023 – (ACN Newswire) – KARM Legal Consultants, a leading law firm specializing in Blockchain, Cryptocurrency, Web3 & Fintech in the UAE has, in collaboration with prominent legal experts – Mr. Eric Hess (Hess Legal Counsel), Mr. Jonathan Geen, Mr. Andreas Glarner (MME) and Mr. Thomas Nagele (Nagele Attorneys) and the regional Blockchain Ecosystem Crypto Oasis, published a new report analyzing the regulatory landscape for virtual assets in various jurisdictions.

The report was launched in the presence of top organisations and Industry leaders at the annual Crypto Oasis Ecosystem Night held at Cove Beach in Caesars Palace, Dubai. Entitled “Virtual Assets Regulatory Framework: An Evolving Landscape”, it identifies key regulatory developments in relation to virtual assets in the UAE, Bahrain, Switzerland, Liechtenstein, UK, and USA.

As the use of blockchain technology and its use cases continue to grow, so does the need for regulation. In the last few years, we have witnessed several positive regulatory developments for the virtual assets sector, as many jurisdictions globally have started to recognize virtual assets services.

With overall favorable regulatory ecosystems, UAE, Bahrain, Switzerland and Liechtenstein have cemented their position as leading virtual assets friendly jurisdictions. The regulatory frameworks in general focus on several aspects of business such as token classifications, AML/KYC, custody of private and public keys, wallet configurations and client suitability assessments.

Navigating the regulatory landscape for virtual assets can be a complex exercise. However, with the report, KARM aims to simplify the regulatory framework for readers. As regards the UAE, KARM’s report provides an overview of regulations issued by the federal, emirate level and free zone authorities. The report covers various licensing options available for virtual assets…