Title: Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), Discusses the Imperative Role of UAE Banking Sector in Embracing Virtual Assets and Institutional Players
Mathew White, the charismatic CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), recently shared his insights on the current state and future plans of the virtual asset ecosystem in the United Arab Emirates (UAE) during an enlightening interview [1]. White emphasized the need for the UAE banking sector to fully embrace and integrate with the virtual asset ecosystem.
The virtual asset ecosystem in the UAE has made considerable progress, but it is not yet functioning optimally. Mathew White candidly admitted that one of the significant challenges that remain is the issue of access to banking services for Virtual Asset Service Providers (VASPs) and institutional players. While the UAE Central Bank and local banks have made commendable strides in enabling banking services for VASPs, there remains a significant education gap when it comes to understanding the associated risks.
To help bridge this knowledge gap and make institutions more comfortable in dealing with VASPs, White aims to improve collaboration between VARA, the UAE Securities and Commodities Authority (SCA), and the UAE Central Bank. He asserts that this tripartite relationship is currently very good but could be strengthened further [2]. White also emphasizes the importance of extra-territorial collaboration with other regulators to ensure that virtual assets, a borderless technology, can function effectively across jurisdictions.
Beyond regulating the virtual asset ecosystem, White believes that VARA has an essential role to play in facilitating growth by bringing institutional players into the fold. Institutional investors are a crucial component of the ecosystem, either as tokenizers of products or providers of liquidity to the market. White is keenly interested in the bitcoin Exchange-Traded Fund (ETF) and notes that the level of institutional interest is a more significant indicator for him than the price fluctuations [3].
As VARA moves forward, White envisions it becoming a catalyst for innovation within the realms of real–world asset tokenization. Instead of VARA building regulations in isolation, they will collaborate with industry participants to create proven concepts and pilots, such as tokenizing a fund, and figuring out what regulations should surround that. White’s ultimate goal is to build something that “actually works.”
Furthermore, White sees VARA as not just a regulator but also as an advocate for Dubai as a hub by increasing awareness and education, supporting investments, and promoting clarity for businesses. With numerous organizations eager to be regulated, this certainty attracts investors, making Dubai a destination of choice within the virtual asset ecosystem.
References:
[1] Interview with Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), YouTube,
[2] “VARA has a role to play beyond just regulating,” White admits, Zawya, 2023.
[3] bitcoin ETF: White sees interest but a wait-and-see approach, CryptoPolitan,
