How They Do It in 37 Nations

“They’re experimenting, and they’re trying new things,” says Michael Piwowar, referring to Dubai’s launch of VARA, the Virtual Assets Regulatory Authority. “They want to be the leader not only in the Middle East, but also as a launching-off point for Africa and other places in the region,” says Piwowar. The UAE has set up zones that have common law jurisdictions, he adds, and “both Abu Dhabi and Dubai have been very successful at attracting businesses in financial services in general, and fintech in particular, and are now moving towards virtual assets.”