Code Meets Law Compliance Forum Summary
On April 29, the Code Meets Law compliance forum, organized by LBank, wrapped up successfully at the luxury OneOnly Royal Mirage Hotel in Dubai. The event brought together leading figures from regulatory bodies, legal sectors, compliance teams, and Web3 innovators worldwide to explore how cryptographic advancements can be better aligned with global compliance standards. This gathering comes amid significant shifts in the digital asset market, where rapid changes in regulatory settings are becoming increasingly evident.
Dubai’s Regulatory Landscape
Dubai, home to the first dedicated regulatory authority for virtual assets, the Dubai Virtual Asset Regulatory Authority (VARA), is positioning itself as a key player in the international Web3 policy-making arena. To further this initiative, LBank collaborated with prominent firms such as AWS, Deloitte, and Fireblocks, aiming to enhance the synergy between technological innovation and legal oversight, thereby facilitating sustainable growth within the digital asset sector.
Panel Discussions
During the first discussion panel titled “Smart Rules: Building Trust Through Embedded Compliance,” Maleesha Gunawardana, LBank’s Head of Compliance in UAE, led an engaging dialogue with prominent speakers including Dr. Ayesha Binlootah from VARA, ShihYun Chia of VerifyVASP, and Dr. James Smith, founder of Elliptic. Key points of the discussion focused on practical insights into embedding compliance within technological infrastructures to foster trust among industry participants.
Dr. Binlootah highlighted institutional and systematic compliance embedding strategies, stressing proactive regulatory frameworks and transparency as essential for nurturing resilience in the industry.
Dr. Smith noted the growing complexity of regulatory demands, advocating for on-chain analysis as a crucial tool for bridging trust between regulatory bodies and market participants. Meanwhile, Jason Allegrante from Fireblocks offered insights on the challenges of ensuring user experience while maintaining security and compliance within enterprise infrastructures. ShihYun Chia emphasized the importance of message standardization and interoperability under the Smart Rules framework to streamline compliance related to the Travel Rule for cross-border transactions.
Global Compliance Practices
The second panel, led by TLP Advisor Senior Consultant Harshil Agarwal on “Global Compliance: Compliance Practices Across Jurisdictions,” featured insights from experts including Will Liao and Mandy Ma. The discussion shed light on the stark differences in regulatory approaches among regions, highlighting the need for Web3 firms to develop adaptable compliance structures that can respond to diverse regulatory landscapes. Particularly in dynamic markets like Dubai, participants acknowledged the importance of a robust risk management framework alongside existing policy inclusiveness.
Challenges tied to cross-border compliance were also addressed. Participants emphasized enhancing data governance capabilities as instrumental in mitigating compliance issues. Additionally, they discussed strategies for managing tokenized products across different jurisdictions, advocating for a comprehensive approach to licensing and disclosure that can navigate the evolving global compliance maze.
LBank’s Commitment to Compliance
As a prominent digital asset trading platform, LBank has consistently prioritized compliance as a core aspect of its operations. By establishing a strong compliance infrastructure in essential markets, LBank aims to create a secure trading environment for users across the globe. Choosing to host the Code Meets Law forum in Dubai reflects LBank’s proactive stance toward emerging regulatory trends, reinforcing its commitment to steer advancements in the compliance landscape.
With collaboration across various industry sectors, there is a shared belief that the fusion of compliance and innovation can catalyze transformative changes in the financial system, contributing positively to the global economy.
