Dubai’s crypto regulator VARA switches leadership as it ramps up operations

The NFT Unicorn 1700197460_575995df-b979-4a81-92f9-862a4448a06f Dubai’s crypto regulator VARA switches leadership as it ramps up operations Crypto News

Dubai’s dedicated crypto regulator, the Virtual Asset Regulatory Authority (VARA), is switching leaders as it prepares for the next phase of its “ramp up to full-scale market operations” in 2023. 

In a statement sent to Cointelegraph, VARA said that its incumbent CEO, Henson Orser, will be replaced by Matthew White, a global adviser who worked several roles at PwC. VARA also explained that Orser will still help the regulator as a consultant.

Orser is a former banker who worked at Nomura Holdings. He led VARA in adopting a regulatory regime for the crypto space that took effect earlier in 2023, right after the FTX collapse.

VARA said the Orser established a “specialist regulatory regime” within his term. After handing over the position, he will still collaborate with the regulator. “His commitment to VARA is steadfast as he will remain available in a consultative capacity hereon, highlighting the strong collaboration between both parties,” VARA wrote.

Related: Dubai releases crypto regulations for virtual asset service providers

The switch comes as the United Arab Emirates is tightening its rules and imposing fines on unlicensed virtual asset service providers (VASPs), with several regulators in the UAE releasing a joint guidance for VASPS on Nov. 8.

The new guidelines included various penalties for VASPs operating in the jurisdiction without the proper licenses. The move is an effort from the UAE to be removed from the Financial Action Task Force’s “grey list,” to which it was added back in 2022.

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Source: Cointelegraph