Dubai’s Virtual Asset Regulatory Authority (VARA) CEO, Matthew White, expressed the organization’s desire to simplify the process for smaller cryptocurrency entities. Speaking at a regulatory panel discussion during the Paris Blockchain Week, White acknowledged that crypto regulations have room for improvement and outlined plans to alleviate the financial burdens faced by smaller crypto businesses. He highlighted the high costs associated with becoming regulated and how this poses a challenge for many individuals lacking the necessary resources. White emphasized that VARA is actively seeking solutions to address this issue.
One potential solution proposed by White involves larger participants providing support for smaller entities, thereby sharing the financial burden. This would allow those with more resources to assist those with fewer means. White emphasized that this approach aligns with VARA’s goal of promoting innovation while implementing effective regulations. He acknowledged that the rapidly evolving nature of the crypto industry requires continuous engagement with industry stakeholders to stay informed and adapt accordingly.
White assumed the role of VARA CEO in November of last year, succeeding former CEO Henson Orser. His appointment was part of VARA’s preparation to expand its market operations. The leadership change coincided with the United Arab Emirates’ tightening of rules and the imposition of fines for unlicensed virtual asset service providers. In collaboration with UAE regulators, VARA issued joint guidance for VASPs, outlining fines and sanctions for non-compliance.
For more insights into the cryptocurrency landscape in Dubai, refer to the magazine article “Crypto City: Guide to Dubai.”