The head of the virtual assets regulator in Dubai stated that he is looking for measures to make small cryptocurrency businesses more affordable.
“I’m currently examining several options to ensure that the regulations and framework are suitable for all parties,” stated Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), during the Paris Blockchain Week on Wednesday. “What one of those is, is figuring out a way to deal with the cost of compliance for smaller entities.”
The United Arab Emirates consists of seven emirates, of which VARA is the exclusive regulator of digital assets. When Dubai announced its cryptocurrency regulations last year, the sector largely applauded. Nonetheless, a few businesses were concerned about the high costs.
The regulations specify that businesses must obtain permission to operate within the nation. Since then, businesses such the cryptocurrency hedge fund Nine Blocks, the Dubai-based division of Deribit, and the exchange Crypto.com have obtained operating licences.
“Not many people have the resources to be able to go and get regulated and that is something that we’ve seen, so we’re looking at structures whereby we can have larger market participants hosting smaller ones, for example,” White stated.