Dubai’s virtual asset regulator aims to alleviate the burden on small cryptocurrency companies.

Dubai’s Virtual Asset Regulatory Authority (VARA) CEO, Matthew White, has expressed his commitment to simplifying the lives of smaller cryptocurrency entities. Speaking at a regulatory panel discussion during the Paris Blockchain Week, White acknowledged that crypto regulations are not perfect and stated his intention to find ways to enhance them. One proposed solution currently being considered involves reducing the financial burdens for smaller crypto businesses. White emphasized that getting regulated can be a costly exercise and that many individuals lack the necessary resources. VARA has encountered this issue firsthand, prompting them to seek out solutions. White suggested a potential fix wherein larger participants could “host” smaller ones, thereby sharing the costs and leveraging the resources of more established entities. He emphasized that VARA’s goal is to strike a balance between encouraging innovation and creating effective regulations. White acknowledged that the industry evolves rapidly and that as a regulator, VARA does not claim to have all the answers. VARA appointed Matthew White as CEO in November of last year, replacing former CEO Henson Orser. White’s appointment was part of VARA’s preparations to transition into full-scale market operations. This change in leadership coincided with the United Arab Emirates’ tightening of rules and the imposition of fines on unlicensed virtual asset service providers. In collaboration with UAE regulators, VARA released joint guidance for VASPs on November 8th, outlining fines and sanctions for non-compliance.