Dubai’s dedicated cryptocurrency regulator, the Virtual Assets Regulatory Authority (VARA), is changing leadership as it prepares for the next phase of “full market operations” in 2023.
In a statement to Cointelegraph, VARA said that its current CEO Henson Orser will be replaced by Matthew White, a global consultant who has held various positions at PricewaterhouseCoopers. VARA also explained that Orser will still help the regulator in an advisory capacity.
Orser is a former banker who worked at Nomura Holdings. He led VARA to adopt a regulatory regime for the cryptocurrency space, which came into effect in early 2023 (after the FTX collapse).
VARA said Orser had established a “professional regulatory system” during his tenure. He will continue to work with regulators after handing over the role. “His commitment to VARA is unwavering and he will continue to provide services in an advisory capacity, underscoring the close collaboration between the parties,” VARA wrote.
related: Dubai releases cryptocurrency regulations for virtual asset service providers
The shift comes as the United Arab Emirates tightens rules and imposes fines on unlicensed virtual asset service providers (VASPs), with multiple UAE regulators issuing joint guidance for VASPS on November 8.
The new guidelines include various penalties for VASPs operating within jurisdictions without appropriate licenses. The move is part of the UAE’s efforts to remove it from the Financial Action Task Force’s “grey list”, to which it was added back in 2022.
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