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In the United Arab Emirates, the Virtual Assets Regulatory Authority (VARA) of Dubai and the Securities and Commodities Authority (SCA) of the UAE have reached an agreement to collaboratively oversee virtual asset service providers (VASP).
The VARA and the SCA have formalized a cooperation agreement aimed at establishing a cohesive licensing framework for virtual asset service providers (VASPs).
This strategy will enable the financial authorities to consolidate the regulatory structure for the digital asset industry within the UAE. In particular, this partnership will allow VASPs licensed by VARA to offer services across the entire nation. VASPs will be required to secure a license from the SCA to operate in emirates outside of Dubai, although the process will be significantly streamlined for holders of VARA licenses.
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Under the terms of the agreement, oversight of VASPs and the enforcement of penalties will be jointly managed by both regulatory bodies. The VARA and the SCA have also committed to exchanging information and providing training for each other’s personnel, thereby enhancing regulatory collaboration within the country.
Helal Saeed Al Marri, the Chair of VARA, stated that the partnership with the SCA will bolster local business prospects and support the sustainable growth of the digital asset sector, both regionally and globally. Mohamed Ali Al Shorafa, the Chair of SCA, noted that the main goal of the agreement is to advance the digital asset industry in the UAE while ensuring compliance with anti-money laundering (AML) regulations.
The authorities in the UAE are focused on fostering a supportive environment for cryptocurrencies in the region, positioning the country as the most crypto-friendly location in the Middle East. Residents of the UAE can engage with digital assets through state-owned banks, commercial entities, cryptocurrency exchanges, and various other companies functioning as VASPs, all of which operate under clearly defined local regulations.
Сообщение UAE Financial Regulators to Unify Regulation of Digital Asset Sector появились сначала на CoinsPaid Media.
