UAE Regulators Unite to Streamline Crypto Licensing
The UAE is enhancing its crypto regulatory framework with a new partnership between its federal financial authority, the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA).
This agreement simplifies the licensing process for virtual asset service providers (VASPs), allowing those licensed in Dubai to operate across the UAE, though separate licenses are needed for other emirates.
The collaboration ensures coordinated supervision of crypto firms, covering areas like enforcement, data sharing, and staff training.
VARA’s chairman, Helal Saeed Al Marri, noted that this move represents a key step toward unified regulation and market confidence, while SCA’s chairman, Mohamed Ali Al Shorafa, highlighted its role in supporting the sector’s growth and compliance.
READ MORE:
Ripple Exec Criticizes US Regulators for Targeting CryptoAdditionally, the UAE’s legal system has recognized cryptocurrencies as a valid payment method in employment contracts, marking a significant legal endorsement.
This comes as a study places the UAE among the top countries globally for cryptocurrency adoption, showcasing its progressive stance in the digital asset space.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Kaspa Faces Price Flatlining: Is KAS’ Growth Dimming?
South Korea Slaps Worldcoin and TFH with $830K Penalty for Mishandling Data
Propelled by crypto inflows, US ETF assets hit record $10 trillion
The Daily: Tornado Cash co-founder's motion to dismiss denied, Lummis says Republican Senate would benefit digital assets, Bitcoin ETFs see largest i
Tornado Cash co-founder Roman Storm is set to face a trial on money laundering charges after a U.S. judge rejects his motion to dismiss the case.Sen. Cynthia Lummis said a flip to a Republican-controlled Senate following this year’s elections would bode well for digital assets.U.S. spot Bitcoin ETFs registered $365.7 million worth of net inflows on Thursday — the largest since late July.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.