Dubai VARA and Indonesia’s OJK partner to collaborate on virtual assets
Indonesia’s The Otoritas Jasa Keuangan (OJK), an independent authority that regulates and supervises financial institutions and markets on an integrated basis throughout all of the financial services sector activities and Dubai’s Virtual Assets Regulatory Authority (VARA) have signed a Memorandum of Understanding (MoU) related to supervisory cooperation, with the aim to deepen collaboration in the area of virtual assets.
As per the press release, the partnership between the two regulators aims to enhance regulatory and supervisory coordination between Indonesia, one of the largest global retail markets for Virtual Assets, and Dubai, a leading global destination for Virtual Asset Service Providers (VASPs), investors, and talent.
Under the MoU, OJK, Indonesia’s integrated financial regulator, and VARA, the world’s first dedicated regulator for virtual assets, will cooperate in key areas including exchange of information, capacity building, policy discussions, cross-border supervision, investigative and technical assistance.
Mr. Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation, Digital Financial Asset and Virtual Asset Supervision, and member of the OJK Commissioner Board, said, “VARA is an institution with a well-defined mandate that closely aligns with that of IAKD. This shared mandate provides a strong basis for establishing meaningful collaboration between our two authorities. Given the global and borderless nature of digital assets, fostering cross-border cooperation with fellow supervisory authorities is crucial. Such collaboration will support greater interoperability, reinforce the effective implementation of AML/CFT standards, and enhance consumer protection within the digital asset ecosystem.”
Mr. Matthew White, Chief Executive Officer of VARA added that by formalizing structured cooperation on supervision, enforcement, and data sharing, we are not only strengthening investor protection and our joint capabilities to mitigate financial crime risks, but also setting new standards for cross-border oversight in an increasingly borderless economy.
He stated, “VARA is building a globally trusted framework that enables credible players to operate with confidence, clarity, and compliance. Our collaboration with OJK underscores Dubai’s role as a global nexus for the virtual asset industry by connecting emerging and mature markets through transparent, interoperable, and forward-looking regulation.”
In October during the Dubai government meeting headed by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai, for the Higher Committee for the Development of the Economic and Financial Sector in Dubai, along with its transformative projects, it was announced that Dubai emerged as the world’s single largest licensed market for virtual assets with virtual asset ( digital assets, crypto) transaction volumes reaching AED 2.5 trillion equivalent to $680 billion dollars, as well as $2.6 billion virtual assets under management.
