Dubai's Top Crypto Regulator Steps Down to Follow Other Pursuits

• Regulatory Shift in Dubai's Cryptocurrency Authority
• Regulatory Changes Reported
• A Transition in Leadership
• White's Credentials
• Regulatory Actions and Approvals

Regulatory Shift in Dubai's Cryptocurrency Authority

The head of Dubai's Virtual Assets Regulatory Authority (VARA), Henson Orser, is scheduled to be succeeded by Matthew White, a partner at PwC, as confirmed by VARA in a recent email communication.

Regulatory Changes Reported

Bloomberg was the first to report this leadership change referencing a statement from the regulatory authority. The report reveals that over 12 cryptocurrency firms are potentially facing penalties for failing to meet the regulatory guidelines set for a November 17th deadline. While the firms' identities remain undisclosed, it's been confirmed that Binance, OKX, and ByBit are not amongst them. These companies will receive additional time to meet compliance standards. VARA has refrained from commenting on the imminent fines.

A Transition in Leadership

Orser has been at the helm of the Virtual Assets Regulatory Authority since the beginning of the year. He will continue to be actively involved in the upcoming transition period, offering his services as a consultant. Orser is stepping down from his role to focus on other interests.

White's Credentials

White has a prior working relationship with VARA, having served as a consultant. He led PwC's Cybersecurity and Digital Trust team before his appointment as the new head of VARA.

Regulatory Actions and Approvals

In recent weeks, action has been taken against OPNX, a cryptocurrency bankruptcy claims exchange, and its founders, who also established the unsuccessful hedge fund Three Arrows Capital (3AC). On the other hand, regulatory approval has been granted to Crypto.com, Komainu (a crypto custody firm backed by Nomura), and another custody firm, Hex Trust.

Edited by Jonathan Stoker