Dubai's VARA Appoints New CEO During Regulatory Tightening for Crypto Space
Summary:
Dubai's Virtual Asset Regulatory Authority (VARA) plans to change leaders ahead of its full operational capacity, expected in 2023. Current CEO Henson Orser will be succeeded by Matthew White, a PwC veteran. Despite stepping down, Orser, who led the establishment of a regulator regime for cryptocurrencies, will continue to advise VARA. The leadership transition occurs as the UAE intensifies regulations on virtual asset service providers. The country aims to get removed from a "grey list" of the Financial Action Task Force.
The Crypto-focused regulatory body of Dubai, the Virtual Asset Regulatory Authority (VARA), is about to go through a leadership transition as it progresses towards full operational capacity in 2023. VARA communicated to Cointelegraph that the current CEO, Henson Orser, will be succeeded by Matthew White, a global consultant with a diverse portfolio from PwC. Orser, with his banking background from Nomura Holdings, will continue to counsel VARA post his tenure. During his leadership, Orser has been instrumental with the implementation of VARA's crypto regulatory protocol, taking flight right after the FTX collapse in 2023. VARA praised Orser's fruitful governance term, and confirmed that the latter will remain in an advisory role, emphasizing the ongoing collaboration between the two.
Related: Virtual asset service providers now under the purview of Dubai's crypto regulations.
The executive shift occurs at a pivotal time when the United Arab Emirates (UAE) is bolstering its regulations and levying penalties on unpermitted virtual asset service providers (VASPs). On November 8th, a collective of UAE regulators rolled out a unified direction for VASPs operating within the confines of the nation. This guidance entailed a spectrum of punitive actions for VASPs running their operations without the valid permits. UAE's objective behind these measures is to extricate itself from the "grey list" of the Financial Action Task Force, a list it found itself on in 2022.
Magazine: Janice McAfee is seeking answers and financial help, two years on from John McAfee's passing.
Published At
11/16/2023 2:00:59 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.