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Dubai’s Virtual Assets Regulatory Authority (VARA) in a press release has announced that Mathew White will be the new CEO of VARA as the authority moves towards the next phase of ramping up to full scale market operations. This comes as VARA gears up towards fining a dozen crypto firms. As per the press release, Matthew White, the new CEO of VARA, brings deep subject-matter expertise in technology and digital trust, with over 20 years of global advisory experience including his current tenure as a partner at PricewaterhouseCoopers. This planned leadership transition will be seamlessly facilitated over the coming months as incumbent CEO Henson Orser will remain fully engaged to support Matthew’s effective integration into the role. Mathew is no stranger to VARA and played a role in building up the authority. Earlier today, in a Bloomberg article it noted that VARA is poised to levy fines on over a dozen crypto firms, as the head of Dubai’s crypto regulator departs after less than a year on the job. VARA’s press release states, “The VARA senior management team has begun the operational transition to guarantee smooth business operations, and maintain stability during this leadership change. This well-planned transition will ensure the Authority’s continued stability and growth acceleration going forward.” The news comes as VARA calls on more than 1000 legacy firms to complete their applications to register under Dubai’s unique regulatory framework by November 17th 2023, as part of Dubai’s commitment to fostering a transparent and resilient virtual asset environment. The press release notes, Dubai’s Virtual Assets Regulatory Authority (VARA) is advancing its engagement with the virtual asset market to evaluate compliance with its set regulations, emphasizing the obligatory licensing for all Virtual Asset Service Providers (VASPs) in the Emirate.” It is noted that firms lagging in their application processes…

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Filed under: News - @ November 17, 2023 12:26 am