The demand for digital assets and virtual currencies has forced entire countries to recognize the need for regulation. Tokens like bitcoin, altcoins, stablecoins, and novel instruments like non-fungible tokens (NFTs) are now a trillion-dollar industry. Blockchain however is decentralized, making the tracking and regulation of these assets challenging. Dubai has always been receptive of change. Its digital friendly stance has resulted in the formation of a new regulatory body VARA – Virtual Asset Regulatory Authority.
In February 2022, Dubai established a legal framework for virtual assets, including cryptocurrencies, which many perceive as an expedited effort to become a global center for digital assets. Dubai has also established a regulatory authority for digital assets – the Virtual Assets Regulation Authority (VARA). By installing its metaverse headquarters in May 2022, VARA became the first regulator with a presence in the metaverse. Virtual asset service providers can submit applications, welcome new licensees, share experiences, and promote global interoperability through VARA’s virtual presence. It was a watershed moment in the country’s long-held desire to become one of the world’s foremost digital assets centers when Emirates announced in May 2022 that it would accept Bitcoin as payment.
Dubai is not the only country in the MENA region to take cryptocurrency and blockchain seriously. Helios Groups, Hong Kong is an expert in the financial industry and provides services to top-tier brands worldwide. Considering the volatile nature of cryptocurrencies, Helios Group introduced “the World’s First Regulated Cryptocurrency – PNP Coin” and plans to launch a regulated crypto exchange – Helios DAX, through which they hope to gain significant market share in the overall industry and in the regulated sector.
Dubai Legislates For NFTs & Tokens as PNP Rises With Helios DAX Release News
PNP Coin’s authentication process is on a whole new level. As soon as investors decided to purchase PNP Coin, they had to complete their basic KYC process. An investor must submit a government-issued ID card (such as an Emirates ID) and their banking information. Investors can purchase 100 tokens as a minimum and 5,000 tokens as a maximum through PNP Coin. Due to the limited number of tokens that investors can purchase, the PNP community has grown. According to Helios Groups, PNP Coin is safer than other unregulated cryptocurrencies. The PNP is a sound long-term investment that seeks the option of regulated cryptocurrencies. In order to ensure the safety of its tokens, PNP provides a highly secure wallet.
Helios Groups has come up with a new way to trade cryptocurrencies through a regulated exchange – Helios DAX. The exchange is scheduled to launch in the fourth quarter of 2022. All unregulated cryptocurrencies, such as bitcoin and Ethereum, are being regulated by them. Hodlers of PNP tokens are eagerly awaiting the launch of Helios DAX. Those who bought PNP tokens in May 2021 have seen their investments rise sevenfold and are eager to contribute more. PNP Coin predicted the scope of regulated cryptocurrency after Dubai passed legislation to control virtual assets such as cryptocurrencies and NFTs. Similar to PNP’s strong foothold in India, they are looking ahead and exploiting opportunities in Dubai.