Dubai's Crypto Regulator Intensifies Staffing QuadrupleTable of Contents
Dubai's Crypto Regulator Intensifies Staffing Quadruple
By CoinUnited.io Research Team
1 min read
CEO Henson Orser said in his first interview since taking over the role last month that the Virtual Assets Regulatory Authority expects to handle about 300 new applications by the end of the year and will begin issuing final permits in June for companies that have already obtained authorization under Dubai's minimum viable product licensing regime.
Orser, speaking through video link, said, "It's been a wild dash." You should be wary of your wishes. Orser added that VARA was founded in March 2022 with two people and has since grown to a team of roughly twenty as Dubai aims to woo the world's top companies with its crypto-friendly rules.
On Tuesday, VARA released the final regulatory framework for digital asset firms in the city, clearing the way for them to get a full license from the relevant authorities.
Orser, without naming any specific cities, said that following the implosion of FTX and a wave of scandals and bankruptcies that rocked the industry, it was crucial for the United Arab Emirates to be one of the first centers to issue a comprehensive set of rules as opposed to the "band-aid" approach that other jurisdictions have taken.
The new regulations will encourage foreign firms to establish operations in the UAE, which will help to grow the industry there. We expect the regulations to be far and away the best in the industry," he added.
CEO Henson Orser said in his first interview since taking the helm of the Virtual Assets Regulatory Authority last month that the organization anticipates processing around 300 new applications by the end of the year and will begin issuing final permits in June for businesses that have already obtained authorization under Dubai's minimum viable product licensing regime.
Orser, speaking through video link, said, "It's been a wild dash." You should be mindful about your wishes.
In March 2022, VARA was founded with two workers in Dubai, a city that has been trying to woo the world's top companies with crypto-friendly legislation, according to Orser.
On Tuesday, VARA released its final regulatory framework for digital asset enterprises seeking full city licenses.
Orser, who did not name any specific cities, said that following the implosion of FTX and a wave of scandals and bankruptcies that rocked the industry, it was crucial for the United Arab Emirates to be one of the first centers to issue a comprehensive set of rules as opposed to the "band-aid" approach taken by other jurisdictions.
The new regulations will encourage foreign firms to establish operations in the UAE, which will help to grow the industry there. We expect the regulations to be far and away the best in the industry," he added.
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