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VAIOT, a developer of AI-powered digital solutions for consumers and businesses, launches the Digital Assets Regulation Institute. DARI fosters forward-thinking regulation based on the knowledge and perspective of companies in the crypto space. VAIOT’s $VAI token is still one of the first digital assets to be issued in a regulated environment. After being hacked in January for $2 million, the company is among the few that has returned all its investments.
Many blockchain enthusiasts are worried that investors will leave the industry after the collapse of FTX, the former symbol of legitimacy for digital assets. According to Coinbase, 58% of institutional crypto investors expect to increase their allocations in the next three-years. This is despite the fact that prices are still low. However, there will be a shift towards digital assets that are regulated and have long-term potential. As governments bolster their nascent regulatory infrastructures–ranging from MiCA, the EU’s new crypto-assets regulatory framework, to various U.S. initiatives–it’s crucial they consult with industry practitioners on how to make them effective and ensure the protection of retail investors.
DARI is being regulated since September 2020, under strict Maltese legal oversight and with Grant Thornton as an accounting and advisory firm. DARI is now at the forefront in shaping regulation. This think tank will bring together all relevant stakeholders including regulated companies and projects looking for regulation, consulting firms, financial and securities auditors, accounting firms, law firms and VCs to conduct extensive research and produce reports to inform government policy around the world.
KuCoin Labs co-founded VAIOT’s DARI. They have extensive experience in the research and incubation Web3 projects. This is based on strict selection criteria and vetting processes. KuCoin Labs has a reputation for bringing together both top market experts from different segments of project development. DARI is supported by a team of experts that includes members of Grant Thornton Malta’s regulatory, tax and compliance practice.
DARI is an inter-disciplinary body of experts that will bring together the expertise, knowledge, and point of view of all industry participants to create ready-to implement gold standards and best practice for crypto regulation. Specific working groups will create reports and hold focus groups with retail investors to ensure that policymakers consider the viewpoint of all token holders when crafting regulations. DARI will provide a single source of information that is easily accessible and can be used by any company in the sector. DARI’s institutional partners will allow projects to be regulated to consult and incubate with the think tank, while the institutional partners will serve as consultants.
DARI invites experts and companies in the crypto industry, as well as institutions, to join the initiative. Email your inquiries to.ai.
Pawel Andruszkiewicz (COO of VAIOT, President of DARI) says that “no one cares about regulation in a bull run where money is being tossed about and investors are making huge gains.” People began to see the value of companies like VAIOT that adhere to strict regulations when things crashed and burned a few short months ago. DARI’s goal is to make sure effective regulation is at our forefront of how we view this industry moving forward.
Wayne Pisani, Partner and Head, Tax, Regulatory and Compliance, Grant Thornton, says, “We’ve heard about governments working to regulate digital assets for years now.” But, part of the problem with this is that it’s being done behind closed doors. Effective regulation requires bottom up initiative. Companies and entities that work within regulatory frameworks need to be able to share their expertise and opinions with regulators in a transparent manner. DARI aims to do just that.
Lou YU, head of KuCoin Labs and vice-president to DARI, states that “it is especially important to join as strong an industrial force as possible to ensure a optimal development condition for future cryptocurrency builders and users.” “We aim to create regulatory synergies between countries and markets, shouldering crypto’s fundamental ideologies but making them tangible and relevant to all participants. DARI will work hard to submit a proposal to the European Commission and is eager to engage in regulatory hearings at the relevant European institutions.
