The head of Dubai's Virtual Assets Regulatory Authority said he wants to find ways to reduce costs for small cryptocurrency companies.
“There are a number of things I'm looking at at the moment to try to make the system and regulation work for everyone,” Matthew White, CEO of Dubai's Virtual Assets Regulatory Authority (VARA), said at Blockchain Week in Paris. Wednesday. “One of those things is figuring out a way to deal with the cost of compliance for smaller entities.”
VARA is the sole digital asset regulator in the emirate, one of seven countries that make up the UAE. Dubai unveiled its own cryptocurrency rules last year, which were generally welcomed by the cryptocurrency industry. However, some companies expressed concern that the costs would be prohibitive.
“A lot of people don't have the resources to be able to go and organize, and that's something we've seen, so we're looking at structures where we can have larger market participants host smaller participants, for example,” White said.
