Virtually Everything | Series 2, Episode 8 | 2024 Recap, 2025 Preview: The Year in Virtual Assets

In the concluding episode of Series 2 of the Virtually Everything Podcast, hosts Lucy and Vyasna take listeners on a comprehensive journey through the key developments of 2024 in the virtual assets sector. They also share insights into what lies ahead in 2025.

The episode revisits highlights from the year, beginning with the UAE’s regulatory advancements. With five financial services regulators, including the world’s first standalone virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), the UAE has established itself as a global hub for virtual assets. The granting of 11 new Virtual Asset Service Provider (VASP) licenses in 2024 underscores this progress, attracting platforms worldwide to benefit from the region's robust regulatory framework.

A significant focus of the series was the landmark DIFC Courts case, Gate Mena DMCC and Huobi Mena FZE v Tabarak Investment Capital Limited and Christian Thurner. This case broke new ground, particularly in recognising Bitcoin as property under DIFC law, allowing for legal actions such as bailment and property damage claims. The podcast delves into the implications of this decision, particularly its impact on tracing cryptocurrency transactions and quantifying losses during price fluctuations. Discussions with tracing expert Scott Pounder shed light on how blockchain analysis tools and multi-tool verification are being used to track assets across jurisdictions. The full episode exploring this case can be found here. 

The hosts highlight the global perspective brought to the series through interviews with colleagues from jurisdictions including Singapore, Hong Kong, Australia, Germany, the UK, and South Africa. These comparative analyses revealed regional differences in regulatory approaches, from licensing categories to enforcement priorities. External experts such as Andrew Spink KC, Justina Stewart, and Rebecca Keating provided valuable insights into groundbreaking legal frameworks like the DIFC Digital Assets Law and the EU AI Act, emphasising their implications for businesses operating in the virtual and AI sectors.

As 2024 came to a close, the hosts summarised the year as one of significant growth, regulatory evolution, and technological innovation for the virtual assets sector. Key trends included Bitcoin reaching new milestones, increased institutional adoption of cryptocurrencies, and the integration of blockchain technology with traditional finance. However, challenges such as market volatility and regulatory uncertainty remain.

Looking ahead to 2025, Lucy and Vyasna anticipate further developments in decentralised finance (DeFi), the recovery of the NFT market, and the expanding role of stablecoins in global commerce. Technological innovations, such as Layer-2 solutions, and a growing focus on integrating blockchain with traditional financial instruments, are expected to shape the sector. The need for enhanced anti-money laundering measures and greater regulatory alignment worldwide will also be pivotal themes.

Stay tuned for the next series of Virtually Everything as the journey into the virtual world continues. 

This podcast forms part of the Virtually Everything podcast series. To find out more about the topics discussed in the series, please visit our dedicated Digital Assets and Blockchain page.