The rapidly evolving world of cryptocurrencies has brought about a new era of financial innovation and disruption. However, this emerging sector has also faced significant challenges in terms of regulatory clarity, as governments struggle to keep pace with the rapid developments in the crypto landscape. With the need for effective crypto regulation becoming increasingly urgent, the Digital Assets Regulation Institute (DARI), launched jointly by KuCoin Labs and VAIOT, aims to provide a platform for industry-led efforts to promote regulatory clarity and coherence.
KuCoin Labs, the investment and research firm that spun out of crypto exchange KuCoin, and VAIOT, a blockchain and AI-powered services business, have jointly launched the Digital Assets Regulation Institute (DARI) to promote industry-led crypto regulation. DARI aims to establish regulatory clarity in an industry that has struggled to work effectively with regulators.
DARI aims to convene key players such as regulated corporations, consulting firms, financial and security auditors, accounting firms, law practices, and venture capitalists to undertake research and generate reports that will guide global government policies. Additionally, the think tank will provide advisory services and support for ventures seeking regulatory approval, with institutional partners serving as advisors.
Since September 2020, VAIOT has been subject to rigorous Maltese regulatory oversight and scrutiny by a top accounting and consulting company, Grant Thornton, making it one of Europe’s earliest fully regulated crypto firms.
Pawel Andruszkiewicz, VAIOT’s COO and DARI’s President, emphasized the think tank’s mission of prioritizing sound regulation in the future of the industry.
Wayne Pisani, Partner and Head of Tax, Regulatory, and Compliance at Grant Thornton, emphasized the need for a bottom-up approach to effective regulation, with companies and entities within regulatory frameworks openly sharing their opinions and expertise with regulators.
Pisani noted that this is precisely what DARI aims to achieve by bringing relevant stakeholders together to inform government policy across the globe.
Collaborating with members of Grant Thornton Malta’s tax, regulatory, and compliance practice, DARI receives substantial support, while KuCoin Labs contributes valuable industry know-how to the think tank.
Renowned for its proficiency in researching and incubating Web3 projects, KuCoin Labs is enthusiastic about fostering regulatory harmonization among various countries and markets.
Head of KuCoin Labs and Vice President of DARI, Lou Yu, emphasized the importance of joining a strong industry force to ensure optimal development conditions for future crypto builders and users.
DARI plans to submit an official proposal to the European Commission and engage in regulatory hearings with relevant European institutions, providing a bottom-up initiative where companies and entities working within regulatory frameworks can share their opinions and expertise with regulators in a public manner.
The ultimate goal of DARI is to create optimal development conditions for future crypto builders and users.