The United Arab Emirates (UAE) city of Dubai has placed its bid to be the crypto capital of the world. The cosmopolitan city, which is hosting four separate crypto events in April alone this year, created the Dubai Virtual Assets Regulatory Authority (VARA) to oversee the development of its virtual asset business environment in terms of regulation, licensing, and governance.
But it appears the UAE and Dubai are facing strong competition from The Bahamas and Nassau, which in 2020 created its own Digital Asset Registered Exchanges (DARE) legislation, then bolstered that legislation in 2023 in the wake of the FTX scandal.
Bahamian Prime Minister Philip Davis, while opening up the 2022 Crypto Bahamas conference in Nassau stated that, "We have the vision to transform the Bahamas into the leading digital asset hub in the Caribbean."
