Dubai’s Virtual Asset Regulatory Authority (VARA) CEO, Matthew White, expressed his desire to simplify the processes for smaller cryptocurrency entities. Speaking at a regulatory panel discussion during the Paris Blockchain Week, White acknowledged that crypto regulations are not flawless and discussed his plans to enhance them.
One of the proposals being considered is reducing the financial burdens faced by smaller crypto businesses. White highlighted the fact that becoming regulated can be a costly endeavor, often beyond the means of many individuals. He explained that VARA has encountered this issue firsthand and is actively seeking solutions.
White proposed a potential solution where larger participants in the industry could support and facilitate the operations of smaller entities. By doing so, the financial costs and regulatory responsibilities could be shared among entities with greater resources. He emphasized that this approach aligns with VARA’s goal of fostering innovation while maintaining effective regulations. The CEO also emphasized the importance of ongoing engagement with the industry to keep up with its rapid pace of development.
Since assuming the role of CEO at VARA, White has been focused on preparing the organization for full-scale market operations. His appointment came as the United Arab Emirates introduced stricter rules and penalties for unlicensed virtual asset service providers. In collaboration with other regulators in the region, VARA issued joint guidance outlining fines and sanctions for non-compliance.
Dubai continues to position itself as a leading city in the cryptocurrency and blockchain space. The city’s commitment to innovation and its favorable regulatory environment make it an attractive destination for crypto enthusiasts and businesses alike.