The CEO of Dubai’s Virtual Assets Regulatory Authority (VARA) expressed his intent to explore avenues for reducing compliance costs for small cryptocurrency businesses.
Matthew White emphasized the need to tailor regulations to suit all entities during his speech at Paris Blockchain Week. VARA, the primary regulator for digital assets in Dubai, introduced crypto regulations last year, generally well-received by the industry. However, concerns arose over the potential high costs associated with compliance.
The regulations mandate authorization for firms to operate, leading entities like Crypto.com and Deribit’s Dubai-based unit to obtain licenses. White acknowledged the resource constraints faced by smaller entities in meeting regulatory requirements and suggested exploring models where larger market participants support smaller ones.
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