Dubai crypto regulator VARA changes leadership as it ramps up operations
The Virtual Asset Regulatory Authority (VARA), Dubai's exclusive crypto regulator, is changing leaders as it prepares for the next phase of its “full market operation” in 2023.
In a statement to Cointelegraph, VARA said current CEO Henson Orser will be replaced by international consultant Matthew White, who has held multiple roles at PwC. VARA also explained that Orser will assist the regulator as a consultant.
Orser is a former banker who worked at Nomura Holdings. In the year He led VARA in approving a regulatory framework for the crypto space that came into force in 2023 after the FTX collapse earlier.
VARA said Orser established a “special control system” during his tenure. After handing over the position, he still cooperates with the supervisor. “Demonstrating the strong cooperation between the two parties, the commitment to VARA remains firm as it remains in this consultative capacity,” VARA wrote.
Related: Dubai releases crypto regulations for virtual asset service providers
The switch comes as the UAE tightens its rules and imposes fines on unlicensed virtual asset service providers (VASPs), with several regulators in the UAE issuing joint guidelines for VASPS on November 8.
The new guidelines include various penalties for VASPs operating in the state without the proper license. The move It is an effort from the United Arab Emirates to remove the “grey list” from the Financial Action Task Force, to which it was added back in 2022.
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