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Innovation and supportive Regulatory Frameworks | MCP Episode 10
Mar. 28, 2024.
36 mins. and 32 sec. listen.
28 Interactions
Dr. Mihaela Ulieru hosts Deepa Raja Carbon, Managing Director and Vice Chair at Dubai's VARA, discussing Dubai's regulatory landscape and VARA's potential to shift global views on digital assets.
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8 Comments
8 thoughts on “Innovation and supportive Regulatory Frameworks | MCP Episode 10”
Great insights on balancing innovation and regulation! VARA's approach to fostering trust and stability in the digital asset space is commendable.
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The UAE has such a great approach for adopting the future. Open communication such as being in this podcast is also valuable. Thank you!
You talked along the lines of constant predictable evolution of the regulatory framework with proactive up-to-date solutions and about how you are going to engage in inclusive listening, negotiation and mutual understanding with the industry. That’s wonderful indeed. Regarding this, I would like to ask if you have discussed or envisioned how you are going to facilitate consistent information flow from the field in practice. How are you going to integrate yourself into the industry so that the most important questions become properly captured with high certainty? Could there be any structured tangible ways to involve people who might have valuable insights? I would love to see ways to incentivize all parties to invest in understanding different perspectives and comprehend holistic views so that they can together become merited co-innovators of beneficial common rules and guidelines.
Next, what are your core pillars for building trust, confidence and stability for long term investments? What kinds of structures will you put in place to guarantee that commitments remain respected and decisions made today stay valid for as long as they were decided to stay so? Have you had time to discuss potential new ways of creating legislation in the era of exponential technologies, or things such as algorithmic law that can give binding answers to concrete everyday legal questions?
Here is an example from the relatively near future: When you were demonstrating the difference between the asset based and the functional (activity based) regulation you used anonymity as an example. In that concept, there are countless different nuances there such as anonyme to whom, under what conditions and what exactly the protected data contains. You are probably aware of the emergence of protocols with privacy preserving smart contracts with selective disclosures where disclosure policies are application level features. I would bet we are moving towards systems where certain pieces of information are not necessarily available to a regulator by default but if certain conditions are met they can become so. And if some other conditions are met then maybe some other information becomes available. These logics may be highly complex and account for remarkable details.
At the time when these kinds of solutions are becoming common, I find it crucial that communication between legislators, regulators and product builders works frictionlessly and effective decision-making processes are in action. To me, this looks like one potential future where actors like VARA can increasingly facilitate or, as you said, enable innovation — where regulatory bodies are not anymore external entities seen as a cost but rather contributors who can add value and be a vital natural part of the industry evolution across jurisdictions.
An educational episode once again. Highly appreciated!
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Hi
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like
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Nice one
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goood
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Good experience in Dubai and I hope this will be implemented in my country soon.
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Nice project
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