- Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), aims to reduce compliance costs for small crypto firms by exploring various options.
- Dubai’s crypto regulations, introduced last year, require firms to be authorized to operate in the country, with some firms expressing concerns about the associated expenses.
Dubai’s VARA CEO Matthew White plans to lower compliance costs for small crypto firms, proposing a framework to include all players in the rapidly growing industry.
White indicates his determination to create a fair environment for competence
In a bid to level the playing field for small crypto firms, Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), announced plans to explore measures to reduce compliance costs during his appearance at Paris Blockchain Week.
Highlighting the need for a regulatory framework that accommodates all players in the crypto space, White emphasized, “There’s a number of things that I’m looking at the moment in order to try and make the regime and the regulation fit for everybody.”
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Status quo is unfair to small firms
Dubai, known for its progressive stance on blockchain and digital assets, unveiled its comprehensive crypto regulations last year. While the move was largely applauded by the industry, concerns arose regarding the potentially high compliance costs for smaller entities.
Under the current regulation, the firms need to get authorized to operate in the country, Companies like crypto exchanges Crypto.com, Deribit’s Dubai-based unit, and crypto hedge fund Nine Blocks have since secured licenses to operate.
“Not many people have the resources to be able to go and get regulated and that is something that we’ve seen, so we’re looking at structures whereby we can have larger market participants hosting smaller ones, for example,” White said.
White’s commitment to fostering an inclusive regulatory environment reflects Dubai’s ambition to establish itself as a global hub for blockchain and digital innovation. As the crypto industry continues to evolve, initiatives aimed at supporting smaller firms are crucial for driving sustainable growth and fostering innovation within the sector.
