Dubai’s Virtual Asset Regulatory Authority (VARA) appoints new CEO
Matthew White appointed as new CEO
Dubai’s Virtual Asset Regulatory Authority (VARA) recently announced a change in its leadership, with Matthew White taking over as the new Chief Executive Officer (CEO) from Henson Orser. This transition comes at a pivotal time as Dubai intensifies its regulatory framework for virtual asset service providers (VASPs).
Preparing for “full-scale market operations” in 2023
The leadership change is part of VARA’s strategy as it gears up for “full-scale market operations” in 2023. With over 20 years of global advisory experience, including his role as a partner at PricewaterhouseCoopers (PwC), Matthew White is set to take the helm of VARA. His deep expertise in technology and digital trust positions him well to lead the regulatory body through its next phase of development.
Continued support from Henson Orser
Despite stepping down, Henson Orser will continue his association with VARA in a consulting capacity. Orser, a seasoned financial professional, has been instrumental in establishing a “specialist regulatory regime” for Dubai’s cryptocurrency market, particularly following the challenges faced in the aftermath of the FTX exchange failure.
The UAE’s efforts to tighten regulations for virtual assets
This leadership transition aligns with the broader efforts of the United Arab Emirates (UAE) to tighten its regulations concerning virtual assets. In a collaborative effort, multiple UAE agencies released comprehensive guidelines for VASPs on November 8, incorporating various penalties for entities operating without appropriate authorization. This move is part of the UAE’s endeavor to be removed from the “grey list” of the Financial Action Task Force, to which it was added in 2022.
A commitment to strengthening oversight in the virtual asset market
As Dubai’s VARA enters a critical phase in its regulatory journey, the appointment of Matthew White as CEO symbolizes a commitment to strengthening oversight and fostering a secure and robust virtual asset market. With the continued support of Henson Orser, VARA is poised to navigate the evolving landscape of cryptocurrency regulation effectively.
### News source: blockchain.news