- The regulatory body was founded in 2022, and Henson Orser served as its first CEO.
- The organization claims Orser remains working in a consultative position.
It was recently revealed that Henson Orser will be leaving his post as CEO of Dubai’s Virtual Asset Regulatory Authority (VARA). Meanwhile, VARA consultant and PwC partner Mathew White will be taking over as CEO.
In a statement, VARA reportedly confirmed Henson Orser’s departure and stated their selection of Matthew White, as reported by Bloomberg.
This shift in leadership comes as VARA, the regulating body, prepares to punish a number of crypto firms severely for not adhering to industry standards. The deadline for businesses to conform and comply with the VARA rules was set for November 17th.
Some anonymous sources have said that Binance, Bybit Fintech Ltd., and OKX, all of which have partial digital-asset licenses in Dubai, will reportedly be given extra time to comply. While it is unclear which of the top businesses would be penalized for the infractions.
Consultative Position
No formal statement or remark has been made by VARA, so more information is yet to come. Henson Orser, who became CEO of Dubai’s Virtual Asset Regulatory Authority in January 2023, is reportedly quitting for personal reasons.
The regulatory body was formally founded in 2022, and Henson Orser served as its first chief executive officer. Henson may have announced his departure from VARA, but will continue working in a consultative position.
Orser stated:
“It was a great experience and I’m fully vested in a consultative capacity to support VARA.”
Dubai is taking the lead in the cryptocurrency industry, thanks in large part to its efforts to establish a uniform yet stringent regulatory framework. The region’s goal is to become a premier cryptocurrency hub that attracts both entrepreneurs and investors.
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