Deepa Raja Carbon

Deepa Raja Carbon is an economic-strategy executive and regulatory-policy specialist based in Dubai, United Arab Emirates, who serves as Managing Director and Vice Chairperson of the Dubai Virtual Assets Regulatory Authority (VARA), the emirate's standalone regulator for the crypto and digital-asset sector.^[1]​^[2]

Education

Deepa Raja Carbon earned a Master of Laws (LLM) in International Business Law from the University of Paris II – Panthéon-Assas (2019–2020). She previously completed an MBA in Economics, Finance and Strategy at the University of Michigan’s Stephen M. Ross School of Business (2001–2003) and a Bachelor of Architecture in Architectural Engineering from the University of Mumbai (1995–2000). She also studied Physics, Chemistry and Mathematics at Ram Narain Ruia College (1993–1995). ^{[1] [5]}

Consulting and Early Career

Deepa Raja Carbon began her career as an Associate at Booz & Company’s North American management consulting practice, where she worked from September 2003 to March 2006 on post-merger integration, organizational transformation, and outsourcing projects. She joined Dubai World Trade Centre (DWTC) in May 2006 as Senior Manager of Business Development and later became Executive Vice President of the Corporate Office, a role she continues to hold. Her responsibilities include corporate strategy, performance management, investment and portfolio management, and real-estate commercial functions. ^{[1] [4]}

From April 2015 to January 2023, Carbon served as CEO of Strategy and Future Insights at Dubai Economy, now part of the Department of Economy and Tourism (DET), focusing on economic strategy, policy, business intelligence, and data analytics. She also advised DET's Economic Strategy Sector and contributed to initiatives including Dubai's tourism strategy and the Expo 2020 programme. ^[3]

Since February 2022, Carbon has served as Managing Director and Vice Chair of the Virtual Assets Regulatory Authority (VARA) in Dubai, where she is involved in the development and implementation of the emirate's virtual-asset regulatory framework. Her career has primarily focused on strategy, economic policy, organizational transformation, and regulatory functions across the private and public sectors. ^{[1] [5]}

Talks and Interviews

Carbon has represented VARA in several public discussions on digital-asset regulation. On 28 May 2024, the blockchain analytics firm Chainalysis published an interview with her, titled "In conversation with the world's first and only standalone virtual assets regulator," in which she discussed VARA's vision, mission and objectives for harnessing crypto as an economic contributor.^[2] The conversation addressed how virtual assets fit within Dubai and the UAE's broader vision for emerging technologies such as Web3, artificial intelligence, blockchain and the metaverse, VARA's preference for collaborative regulation, and the case for regulatory convergence across jurisdictions.^[2]​

On 1 October 2024, Carbon took part in a fireside chat at Clifford Chance's Future of Digital Finance 2024 event, in a session co-hosted with the Global Blockchain Business Council (GBBC) and moderated by GBBC chief executive Sandra Ro.^[6] Titled "Dubai's Blueprint: Shaping the Future of Virtual Assets and Blockchain," the discussion covered sustainability and inclusion as regulatory priorities, including Dubai's commitment to green finance and the creation of opportunities for young and diverse participants, as well as the importance of flexibility and continuous dialogue with industry stakeholders in developing practical, innovation-supportive regulation.^[6]​

Carbon publishes commentary on Dubai's economy and the digital-asset sector, covering property markets, blockchain and tokenisation, artificial intelligence and leadership, longevity and public health, and Dubai economic statistics and policy.^[5] In this commentary she has cited figures such as Dubai completing 104 real-estate projects worth AED 111 billion in the first half of 2026, adding 24,537 units, and DWTC's reported 2025 economic impact of AED 25.03 billion in total output and AED 14.66 billion in gross value added to Dubai's GDP, drawing 2.18 million attendees and supporting over 94,000 jobs.^[5] She has also acknowledged being recognised by VARA as one of the first 50 licensed Virtual Asset Service Providers (VASPs) in the UAE.^[5]​