Dubai’s Virtual Assets Regulatory Authority (VARA) in a press release has announced that Mathew White will be the new CEO of VARA which comes as VARA intensifies its efforts towards regulating the VASPs in Dubai calling on them to finalize their applications today.
As per the press release, Matthew White has 20 years of experience in technology, cyber security and digital trust while working as a partner at PricewaterhouseCoopers. Former CEO Henson Orser who is leaving to pursue other opportunities will remain fully engaged to support the new CEO as he integrates into his new role.
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 is poised to depart after less than a year on the job.
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.
VARA is calling on VASPs that have yet to submit the applications, have missed the notifications from their commercial licensing authorities, or have submitted incomplete forms to proactively get in touch, to avoid unintended regulatory consequences.
It seems with new VARA CEO efforts will be focused on ensuring compliance to regulatory and FATF requirements by VASPs.