World Crypto Global
- Written by: Tareq Sikder
- Thu, 11 Apr 2024
- Israel
Matthew White, the CEO of Dubais Virtual Asset RegulatoryAuthority (VARA), has voiced intentions to alleviate regulatory pressures onsmaller cryptocurrency entities. Speaking at a regulatory panel during theParis Blockchain Week, White acknowledged the imperfections in current cryptoregulations and emphasized the need for improvements, particularly to supportsmaller players in the industry.Proposed Measures for Crypto Industry Collaboration onComplianceWhite highlighted the significant financial strainassociated with regulatory compliance, particularly for smaller businesseslacking adequate resources. He expressed VARA's focus on exploringsolutions to mitigate these challenges, aiming to create a regulatoryenvironment that accommodates all participants.Among the proposed measures is a concept where largerplayers in the crypto space could provide support to smaller entities byshouldering a portion of their compliance costs. This model would allow smallerbusinesses to enter the regulated ecosystem without facing prohibitivecompliance expenses."The cost of compliance is borne by the larger systemicplayers, and this allows the smaller players to come into the ecosystem, beregulated, but also not have to suffer the same sort of level of costs ofcompliance that weve got," explained White.Dubai's Virtual Asset Regulatory Authority (VARA) is exploring ways to ease the regulatory cost burden for smaller crypto firms.During Paris Blockchain Week, VARA CEO Matthew White discussed potential solutions, including a model where larger entities support smaller ones. Satoshi Club (@esatoshiclub) April 11, 2024Prioritizing Industry Dialogue for Adaptive CryptoRegulationsFurthermore, White emphasized VARA's focus on innovationwhile simultaneously establishing effective regulations. He underscored theimportance of dialogue with industry stakeholders to ensure that regulatoryframeworks remain adaptable to the rapidly growing crypto landscape.White assumed the role of CEO at VARA last year, succeedingformer CEO Henson Orser. His appointment coincided with VARA's preparations toenhance its market operations in response to tightened regulations in theUnited Arab Emirates (UAE).In November 2023, the UAE regulators issued joint guidanceoutlining fines and sanctions for unlicensed virtual asset service providers, signallinga stricter regulatory environment for the crypto industry in the region.This article was written by Tareq Sikder at www.financemagnates.com.
