Decentralized physical infrastructure (DEPIN) protocol PEAQ has signed a memorandum of understanding with Dubai’s Virtual Assets Regulatory Authority (VARA) for the Regulatory Framework for Onchain Robotics and Tokenized Machines.
According to a Thursday press let go.
Launched in July, the machine economy free zone is a controlled environment to test how robotics and AI can work within decentralized networks.
PEAQ co-founder Max Thake said the agreement “represents an important commitment from both parties to bring the machine economy to life in a compliant manner and enable people to participate, develop and benefit from a completely new economic sector.”
PEAQ is a layer-1 blockchain for the machine economy, a network where connected devices and robots can own assets, share data and earn Revenue It supports depin and tokenized real-world assets.
VARA is Dubai’s regulatory agency for cryptocurrencies and digital assets. Established in 2022, it oversees licensing, compliance and policy for virtual asset businesses across the emirate.
The announcement came about a week after Vara a strategic partnership with DMCC.
Vara CEO Matthew White said the agency aims to “position Dubai as the global benchmark for safe and sustainable growth of the next generation asset class.”
Related: Singapore, UAE are the ‘most crypto-obsessed’ countries: report
Dubai and the crypto of the UAE
Since its development in March 2022 until Oversee crypto and Web3 regulationVara has helped transform Dubai, and the wider United Arab Emirates, into one of the world’s leading digital assets and blockchain innovation hubs.
On May 19, Vara updated its rulebook for Virtual Asset Service Providers (VASPS) operating in the country, clarifying Release and distribution of RWA. Under the new rules, people can issue RWAs and list them on the secondary market, according to United Arab Emirates-based law firm Neoslegal.
In August, VARA and the UAE’s Securities and Commodities Authority (SCA) formed a strategic partnership To sync their approach to regulating digital assets. Under the agreement, Dubai-based licenses will be applied throughout the UAE.
https://www.youtube.com/watch?v=d7tl4gxowfw
On September 22, the UAE signed the Multilateral Competent Authority Agreement under the Crypto-Asset Reporting Framework (CARF) to establish Automatic sharing of tax information in crypto assets between member countries. The Ministry of Finance said the framework would come into force in 2027, with the first data exchanges set for 2028.
Dubai and the UAE’s approach to digital assets is, unsurprisingly, attracting a migration of High net-worth crypto investor. The UAE has become the top destination for millionaires to move, with nearly 9,800 expected to move there in 2025.
Chase Ergen, board member at crypto investment firm Defi Technologies, predicts the crypto sector will grow The UAE’s second largest industry In five years.
Magazine: Crypto City: Guide to Dubai
