Dubai’s virtual asset regulator (VARA) has hired Nicholas McNicholas as Senior Director of regulatory Affairs and Enforcement. McNicholas previously held the position of Principal supervisor at the European Central Bank (ECB). His experience centers around regulator compliance and enforcement. Prior to his role at the ECB he held the position of senior enforcement lawyer at the Central Bank of Ireland.

As per VARA post, Nicholas McNicholas will be responsible for cooperation with national and international regulators and the enforcement of breaches of the legislative framework including AML.

As per VARA post, “He has been instrumental in shaping regulatory frameworks and leading enforcement investigations across Europe. His expertise in governance and emerging financial technologies will be integral as we continue to drive towards common global standards for the industry.”

McNicholas noted on his linkedIn page that he will be working together with committed professionals, leading an ambitious program in regulatory development; relationships with local and international regulators; relationships with local law enforcement agencies to ensure fast, effective and robust enforcement mechanism to protect investors.

VARA has been building its virtual asset regulatory framework over the past two years, and recently noted that it plans to cooperate and coordinate more with other regulatory entities across the globe.

The announcement also comes just after the UAE Central Bank came out with its stablecoin regulatory framework.