Dubai Regulator Aims to Reduce Compliance Costs for Small Crypto Companies
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In a recent statement, the head of Dubai’s virtual assets regulator expressed his intention to find ways to reduce the financial burden on small cryptocurrency firms.
“There are several measures that I am currently exploring to ensure that the regulatory framework is accessible to all,” commented Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), during the Paris Blockchain Week event on Wednesday. “One of these measures is finding solutions to mitigate the compliance costs for smaller entities.”
VARA serves as the primary regulator for digital assets in Dubai, which is one of the seven emirates comprising the United Arab Emirates. The regulatory framework for cryptocurrencies was introduced in Dubai last year, receiving positive feedback from the industry. However, some smaller firms raised concerns about the potential high costs of compliance.
“It is evident that not all entities have the capacity to undergo the regulatory process due to financial constraints, and this is a challenge we are addressing by exploring alternative structures such as larger market participants supporting smaller ones,” White explained.
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