Regulatory Alliances Aim to Boost UAE’s Emerging Crypto Hub Status

UAE regulators, the Securities and Commodities Authority (SCA) and the Virtual Assets Regulatory Authority (VARA), have signed a cooperation agreement to solidify the UAE’s position as a virtual assets hub.

The deal requires virtual asset service providers (VASPs) to obtain licenses from VARA for Dubai operations and from SCA for other emirates, ensuring unified oversight. Both regulators will work together on supervision, anti-money laundering compliance, and market confidence.

This collaboration aims to create a stable, regulated environment for virtual assets, enhancing the UAE’s investment ecosystem.

Clever Robot News Desk 12^th September 2024