Founder and Managing Partner, KARM Legal Consultants
Kokila Alagh is an accomplished Corporate and Technology Lawyer, with almost two decades of legal practice in the Middle East. With a wealth of knowledge and experience, she has led global corporations, major government organizations, affluent clients, and cutting-edge start-ups.
Owing to her core strength as a specialized commercial and corporate legal practitioner, with a strong financial and technology background, profound entrepreneurial spirit, and extensive experience in the region, Kokila has established a boutique law firm—KARM Legal Consultants. Offering top-notch legal services on Fintech, Blockchain, Cryptocurrency, Data Protection, AI, Robo-advisory and open banking is the key competency of KARM Legal Consultants. Under Kokila’s leadership, and supervision, the firm has successfully on-boarded and advised multiple crypto-exchanges, token offerings (STO/UTO), consortium/enterprise blockchains, crowdfunding platforms, and payment gateway.
The KARM Founder has a keen interest in Data Protection laws and exposure to transactions across various industries, including healthcare, real estate, media, retail, and hospitality. Her expertise also extends to investments. Thereon, Kokila has been providing policy, regulatory, compliance, and governance advice to a prestigious clientele that offer highly specialized technology such as Fintech, MedTech, Insure Tech focused entities.
Kokila’s expertise and achievements have been recognized in the legal community, as she has been nominated for various awards. Recently, she has been named among the Asian Legal Business Super 50 Lawyers in MENA 2022. With her unique legal insight and specialized knowledge, Kokila’s vision is invaluable for navigating the complex legal landscape in the Middle East and beyond.
Virtual Assets Landscape in UAE
As per a 2022 report by Chainalysis, the Middle East and North Africa region (MENA) is the world’s fastest growing cryptocurrency market. MENA based users received USD 566 billion in cryptocurrency from July 2021 to June 2022, with a 48% increase compared to USD 272 billion cryptocurrency value received in the previous year. Within the MENA region, UAE is the fifth largest cryptocurrency market.
Emirate of Dubai has become a hub for virtual assets service providers (VASPs) that serve customers across Asia and Africa, not just in the Middle East. Hundreds of VASPs (including leading global companies) have established presence in the Emirate.
Virtual assets sector has received policy support from the UAE government, which is reflected in various policy and legislative initiatives taken over the last few years at both the national level and Emirate level.
Overall, UAE has been a frontrunner in developing a comprehensive regulatory framework and a conducive ecosystem for VASPs.