Dubai’s VARA CEO Henson Orser Leaves Amid Nov. 17 Licensing Compliance Deadline
The Chief Executive Officer (CEO) of Dubai’s Virtual Asset Regulatory Authority (VARA) Henson Orser announced to step down from his position, on November 16. Notably, Mathew White, a partner at PwC and a consultant at VARA will take over as the new CEO.
According to a Bloomberg report, VARA in a statement confirmed the exit of Henson Orser and also mentioned the appointment of Matthew White.
Leadership Change Comes When VARA Plans Fines On Companies
The leadership change comes when the regulatory authority, VARA is working to levy huge fines on more than a dozen crypto companies, for failing to meet the standard guidelines. The companies were given a deadline of November 17 to ensure and comply with the VARA guidelines.
Demanding anonymity, a few people said although there is no clarity on which of the top firms will be fined for the violations, Binance, Bybit Fintech Ltd. and OKX, which have partial digital-asset licenses in Dubai are risk-free.
More details into the matter are yet to come, as there is no official statement or comment from VARA as well as Henson Orser.
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Henson Orser will Continue as ‘Consultative Capacity’
If sources are to be believed, Henson Orser, who started as the CEO of Dubai’s Virtual Asset Regulatory Authority in January 2023, is leaving due to personal reasons. Although neither VARA nor Henson commented about the reason for the exit. It is to be noted, that Henson Orser was the authority’s first-ever CEO since it was established in 2o22. Although he announced an exit from VARA, Henson is said to be actively involved in a consultative capacity, said VARA.
In March 2022, Dubai established VARA, an entity charged with streamlining regulatory application and operating licensing approvals for Virtual Assets including digital assets, products, operators, and exchanges in Dubai.
Matthew White, a partner at PwC who has worked with VARA as a consultant, will be the new CEO of Dubai’s Virtual Asset Regulatory Authority.
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