The Virtual Assets Regulatory Authority (VARA), which oversees cryptocurrencies in Dubai, is in the midst of a leadership transition as it prepares for what it describes as the upcoming phase of "full market operations" in 2023.
VARA disclosed that Matthew White, a seasoned global consultant with a background at PwC, will take over as CEO, succeeding the current CEO Henson Orser. Orser, previously affiliated with Nomura Holdings in the banking sector, will transition into an advisory role, continuing to lend support to the regulatory body.
Under Orser's leadership, VARA adopted a specialized regulatory framework tailored explicitly for the cryptocurrency domain. This framework was implemented in early 2023, following the collapse of FTX, a prominent cryptocurrency exchange.
In recognition of Orser's instrumental role, VARA commended his efforts in establishing what it terms as a "professional regulatory regime." Despite stepping down from the CEO position, Orser remains dedicated to VARA, ongoing offering guidance in an advisory capacity. VARA emphasized the continued collaboration between the parties, even amidst the transition in leadership.
This change in leadership aligns with the United Arab Emirates' recent measures to fortify regulations and impose penalties on unlicensed virtual asset service providers (VASPs). Multiple regulatory bodies in the UAE jointly issued comprehensive guidelines on VASPs on November 8, outlining various penalties for VASPs operating without the appropriate licenses. This initiative forms part of the UAE's strategy to remove itself from the Financial Action Task Force's "grey list," a designation it received in 2022.
