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VAIOT, a developer of AI-powered services for consumers and businesses, has launched the Digital Assets Regulation Institute. The DARI promotes forward-thinking regulations informed by the knowledge and perspective of crypto companies. VAIOT $VAI is one of the first digital assets issued in a regulated environment. The company was also one of the few that returned all its money to investors after being hacked in January for $2 million.
Many blockchain enthusiasts are worried that investors will leave the industry due to the collapse of FTX, the former symbol of legitimacy for digital assets. According to a Coinbase report published recently, 58% of institutional investors intend to increase their allocations in the crypto market over the next three-year period. This shows a long term view, even though the prices are still low. Undoubtedly, there will be a move towards regulated digital assets that 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.
VAIOT, which has been regulated since September 2020, is a leading accounting firm and advisor in Malta. Grant Thornton oversees the regulation and puts DARI on the cutting edge of regulatory development. The think tank will bring together stakeholders including regulated companies, projects that are seeking regulation, consulting firms, accounting firms, law firms and VCs to do extensive research and create reports to inform government policies around the world.
KuCoin Labs is a co-founder of VAIOT’s DARI. It brings significant experience to the table in terms of research and incubation Web3 projects, based on strict selection criteria. KuCoin Labs has a reputation for bringing together both internal and outside leading market experts in different project development segments. DARI also has a team of experts that includes members of Grant Thornton Malta’s tax, regulatory and compliance practice.
DARI will bring together a multidisciplinary group of experts who represent the expertise, knowledge, and experience of participants in the crypto industry to create gold standards for regulation. Working groups will conduct focus groups and develop reports from the perspective retail investors, to ensure that policymakers consider the perspective of all token holders when crafting regulations. DARI will provide a body of knowledge that is easily accessible to all companies in the industry. DARI will offer a unified body of knowledge that is easily accessible and implementable for any company in the industry.
DARI invites crypto experts, companies and institutions to join its initiative. Please send all inquiries and requests to [email].ai.
Pawel Andruszkiewicz is the COO and President of DARI. He says that during a bull market, when investors make huge gains and money is thrown around, no one pays attention to regulations. It was only after the crash and burn a few month ago that people began to realize the importance of companies like VAIOT that adhere to strict regulations. DARI’s goal is to make sure that effective regulation will be at the forefront of how we view this industry in the future.
Wayne Pisani, Partner and Director of Tax, Regulatory and Compliance, Grant Thornton, says, “We have heard about governments working to regulate digital assets for many years.” But part of the issue is that it’s being developed in secret. Effective regulation requires bottom up initiative. Companies and entities that work within regulatory frameworks should be able to share their opinions with regulators on a public level. DARI aims to do that for the industry.”
Lou YU is the head of KuCoin Labs and vice president at DARI. He says, “It’s crucial to join a strong industry force to ensure optimal development conditions for future crypto users and builders.” We hope to create synergies between countries and markets to ensure that crypto’s fundamental ideologies are not only relevant but also tangible for all participants. DARI is committed to submitting an official proposal for the European Commission and is eager to engage in regulatory hearings.
