Matthew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), expressed the authority’s commitment to easing regulatory burdens for smaller crypto businesses during a panel discussion at the Paris Blockchain Week.
White conceded that existing crypto regulations are not flawless and highlighted the authority’s efforts to enhance them.
VARA is exploring ways to alleviate the financial strain of compliance for smaller entities operating in the crypto space. White emphasized the need to make the regulatory regime more accessible to all participants.
White proposed a collaborative approach where larger industry players could support smaller entities by shouldering the compliance costs. This model aims to foster inclusivity within the ecosystem while maintaining regulatory standards.
White emphasized VARA’s commitment to fostering innovation while establishing effective regulatory frameworks. The authority aims to strike a balance between promoting industry growth and ensuring compliance with regulatory requirements.
VARA remains actively engaged with the crypto industry to stay informed about evolving trends and challenges. White highlighted the rapid pace of change in the sector and emphasized the importance of ongoing dialogue with industry stakeholders.
White’s appointment as CEO of VARA coincided with the UAE’s efforts to tighten regulations and enforce compliance among virtual asset service providers (VASPs). The leadership transition underscores VARA’s commitment to enhancing regulatory oversight in the region.
In collaboration with UAE regulators, VARA issued joint guidance for VASPs, outlining fines and sanctions for non-compliance. These measures demonstrate the authorities’ commitment to upholding regulatory standards and protecting investors in the virtual asset space.
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