VARA Leadership Change Steers Crypto Regulatory Landscape in Dubai

Key Points:

• Matthew White replaces Henson Orser as CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), with Orser continuing as an advisor. Keyword: “VARA leadership change”
• The VARA leadership change is aimed at preparing for the full operation of its activities in 2023. Keyword: “VARA operations”
• Under Henson Orser’s leadership, VARA has implemented a specialized regulatory system for the crypto sector, and he will remain involved with the organization in a consultative role. Keyword: “VARA regulatory system”

As part of the ongoing VARA leadership change, Matthew White will assume the role of CEO, while Henson Orser will continue to provide valuable guidance as an advisor.

VARA Leadership Change Signals Shift in Approach to Crypto Regulation

The VARA Leadership Change is an important transition that has been implemented in order to strategically position the company for the upcoming phase of its operations. This phase is anticipated to be fully operational by the year 2023, and the leadership change is a proactive step to ensure the company’s success in this new era.

According to a statement provided to Cointelegraph, Matthew White, an experienced global advisor with diverse experience at PwC, will replace Henson Orser as the CEO. Orser, previously affiliated with Nomura Holdings, played a crucial role in establishing the regulatory framework for the crypto industry, which went into effect earlier this year after the FTX collapse.

VARA Leadership Change Signals Continued Focus on Crypto Regulation in UAE

Under Orser’s leadership, VARA implemented a specialized regulatory system specifically designed for the crypto sector. Despite the transition, Orser will continue to work with VARA in a consultative capacity. VARA emphasized the ongoing collaboration, stating, “He remains dedicated to VARA and will be available for consultation, highlighting the strong collaboration between both parties.”

This VARA Leadership Change aligns with recent actions taken by the United Arab Emirates to tighten regulations and impose sanctions on unlicensed virtual asset service providers (VASPs). Multiple UAE regulators issued joint guidance for VASPs on November 8, introducing penalties for operating without proper licenses. This step aims to move the UAE away from the “grey list” of the Financial Action Task Force, a status it acquired in 2022.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.