 `Source: Paris Blockchain Week` Mathew White, CEO of Dubai Virtual Asset Regulatory Authority (VARA) shared that the watchdog for digital asset wants to make things easier for smaller crypto firms. At the Paris Blockchain week in a regulatory panel discussion, White admitted that regulations for crypto are not friendly adding that he is looking for ways to improve them. One of the plans that is under consideration is about the financial burdens for the smaller crypto businesses and lessening them. According to White: > It’s not perfect. There’s a number of things I’m looking at, at the moment, to try and make the regime fit for everybody. One of those is figuring out a way to deal with the costs of compliance for smaller entities. According to VARA official, it is a costly exercise in getting regulated and that many individuals lack the resources. This was something experienced by the regulatory authority making them to look for solutions. White described a possible workaround in which more experienced members may “host” newcomers. Under this arrangement, entities with greater resources would bear the costs. White explained: > The cost of compliance is borne by the larger systemic players, and this allows the smaller players to come into the ecosystem, be regulated, but also not have to suffer the same sort of level of costs of compliance that we’ve got. The CEO of VARA also stated that taking a close look at such matters is a necessary step in the regulatory process that allows for innovation while establishing rules. The official shared that they are continuing to communicate with the industry to try to understand it. It goes by so fast. As regulators, we don't profess to be experts in everything," White continued. This friendly stance towards the crypto industry is something the crypto community would like to see and this could attract a bunch of crypto businesses to the country. How do you see these news? Hive: @haveyoursay X: www.x.com/newsintercept Website: www.newsintercept.com Posted Using [InLeo Alpha](https://inleo.io/@haveyoursay/dubai-wants-to-lift-burden-on-small-crypto-firms-firms)
| author | haveyoursay |
|---|---|
| permlink | dubai-wants-to-lift-burden-on-small-crypto-firms-firms |
| category | hive-167922 |
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| last_update | 2024-04-12 08:45:27 |
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