Dubai’s Virtual Asset Regulatory Authority Announces Leadership Transition
The Virtual Asset Regulatory Authority (VARA) in Dubai has announced a change in its leadership, with Matthew White taking over as the new Chief Executive Officer (CEO) from Henson Orser. This transition comes as Dubai intensifies its regulatory framework for virtual asset service providers (VASPs) and prepares for full-scale market operations in 2023.
Matthew White’s Appointment
Matthew White, with over 20 years of global advisory experience, including his role as a partner at PricewaterhouseCoopers (PwC), is set to take the helm of VARA. His deep expertise in technology and digital trust positions him well to lead the regulatory body through its next phase of development.
Henson Orser’s Continued Involvement
Despite stepping down, Henson Orser will continue his association with VARA in a consulting capacity. Orser, a seasoned financial professional, has been instrumental in establishing a “specialist regulatory regime” for Dubai’s cryptocurrency market, particularly following the challenges faced in the aftermath of the FTX exchange failure.
UAE’s Efforts on Virtual Asset Regulations
This leadership transition aligns with the broader efforts of the United Arab Emirates (UAE) to tighten its regulations concerning virtual assets. In a collaborative effort, multiple UAE agencies released comprehensive guidelines for VASPs on November 8, incorporating various penalties for entities operating without appropriate authorization.
Conclusion
The appointment of Matthew White as CEO symbolizes VARA’s commitment to strengthening oversight and fostering a secure and robust virtual asset market. With the continued support of Henson Orser, VARA is poised to navigate the evolving landscape of cryptocurrency regulation effectively.
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