- SuiHub MENA has entered into a partnership with Dubai’s VARA.
- The collaboration between SuiHub MENA and VARA aims to support startups in Dubai.
- SuiHub MENA and VARA aim to make Dubai a global hotspot for virtual asset innovation.
SuiHub MENA, a Dubai-based business hub for Sui Network developers serving the MENA region, has entered into a partnership with the Dubai Virtual Assets Regulatory Authority (VARA).
According to recent reports, both parties signed an agreement to support startups, develop local talent, and share insights for growing the virtual asset space in the Middle East.
The Sui project team considers partnering with VARA a step in the right direction. The team revealed its excitement by posting about the latest development on X, calling it “Big news from the Middle East” and noting how proud the project was to collaborate with VARA in growing Dubai’s blockchain industry.
Related: Solana Deepens Dubai Engagement with VARA Pact for Ecosystem Development
Shared Vision: Making Dubai a Global Hotspot for Virtual Asset Innovation
Sui and VARA see the collaboration as a shared vision to make Dubai a global hotspot for virtual asset innovation. For context, the Dubai government established VARA in 2022 as the agency responsible for overseeing the regulation and supervision of virtual assets within the Emirate. Meanwhile, the Sui Foundation backs SuiHub MENA, which supports builders and developers in the Web3 ecosystem.
In the meantime, details of the partnership between SuiHub MENA and VARA show that they want to engage in activities that simplify compliance processes for startups, provide advisory support, and generate insights to guide future virtual asset policies in the Dubai region. That aligns with the Dubai Emirate’s goal of creating a friendly atmosphere for blockchain and virtual asset firms.
SuiHub MENA and VARA will provide educational support for startups on regulation and licensing. They plan to host workshops and guidance for startups navigating Dubai’s licensing regime. They will also organize advisory sessions and provide educational materials to guide founders and participants.
VARA will support the SuiHub MENA ecosystem development, starting with strategic engagements with government stakeholders to support the latter’s flagship innovation center in Dubai. The parties will also join hands to explore research opportunities within the Dubai region.
Related: Ctrl Alt Becomes First Firm in Dubai Approved by VARA for Crypto Issuer Services
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
