The Virtual Asset Regulatory Authority (VARA), Dubai’s cryptocurrency regulator, is changing its leadership as it prepares for the next phase “Accelerating towards large-scale market operations” In 2023.

In a statement sent to Cointelegraph, VARA said incumbent CEO Henson Orser will be replaced by global consultant Matthew White, who has worked in various roles at PwC. VARA also announced that Orser will continue to support the regulator as an advisor.

Orser is a former banker who worked at Nomura Holdings. Shortly after FTX’s collapse, he led VARA in adopting a regulatory regime for the cryptocurrency space that comes into force in 2023.

VARA is a product of Orser. “special regulatory regime” during his tenure. Once he relinquishes his position, he will continue to work with the regulator. “His commitment to VARA remains and he will continue to serve as an advisor, underlining the strong cooperation between the two parties.” He wrote VARA.

Related: Dubai issues new guidelines for virtual asset service providers

The change comes as the UAE tightens its rules and imposes fines on unlicensed Virtual Asset Service Providers (VASPs): several UAE regulators on 8 November We published a joint guide For VASPs.

The new guidelines include various penalties for VASPs operating in the jurisdiction without appropriate licenses. The move is an attempt to oust the UAE from the country. “grey list” Financial Action Task Force, Where they are added in 2022.