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 Crypto

Additionally, 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.

Alexander Stefanov