New Leadership in Preparation for Full-Scale Market Operations
Dubai's Virtual Asset Regulatory Authority (VARA), the dedicated regulator for cryptocurrencies, is undergoing a leadership change as it gears up for the next phase of its operations in 2023. Matthew White, a global adviser with experience at PwC, will take over as CEO, replacing the incumbent Henson Orser. However, Orser will continue to support VARA as a consultant.
Establishing a Regulatory Regime for the Crypto Space
Under Orser's leadership, VARA implemented a regulatory regime for the crypto industry earlier this year, following the collapse of FTX. His tenure was marked by the establishment of a specialist regulatory framework. Despite stepping down, Orser will maintain a collaborative relationship with VARA in a consultative capacity.
Tightening Regulations and Penalties for Unlicensed Providers
The leadership change comes at a time when the United Arab Emirates (UAE) is strengthening its regulations and imposing fines on unlicensed virtual asset service providers (VASPs). Recently, multiple UAE regulators released joint guidance for VASPs operating in the country, outlining penalties for non-compliance. This move is part of the UAE's efforts to be removed from the Financial Action Task Force's "grey list" after being listed in 2022.
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