CandleFocus Regulators Partner to Bolster UAE's Crypto Hub Status
2024-09-11
Author: Content Editor
The United Arab Emirates (UAE) regulators, the Securities and Commodities Authority (SCA) and the Virtual Assets Regulatory Authority (VARA), have signed a cooperation agreement to enhance the UAE's position as a virtual assets hub. The agreement includes licensing requirements for virtual asset service providers (VASPs), mutual supervision mechanisms, and aims to promote a stable and regulated virtual assets sector in the country. The regulators will also collaborate to ensure compliance with anti-money laundering laws and maintain market confidence. VASPs operating in Dubai will need to obtain a license from VARA, while those operating in other emirates will require a license from the SCA. The agreement establishes rules and procedures for licensing and supervision in line with UAE regulations.
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