Tuesday, September 27, 2022
HomeLaw & PoliticsThe UAE plans to give licence to virtual asset suppliers: Report

The UAE plans to give licence to virtual asset suppliers: Report

The United Arab Emirates (UAE) is laying the groundwork for a crypto-friendly drive, aiming to award government licences to virtual asset providers (VASPs) by the end of Q1.

According to Bloomberg, the company’s Securities & Commodities Authority (SCA) is in the final stages of modifying laws to allow VASPs to operate in the region. The Block contacted the SCA for comment and clarification on the time.

The move comes on the heels of a collaboration between Binance and the Dubai World Trade Centre at the end of last year to assist in the establishment of a crypto regulatory framework.

Binance stated that it will share its expertise working with global authorities with the watchdog in order to encourage the creation of “progressive” crypto rules.

The Dubai Media Office declared at the time that the Dubai World Trade Centre will become the UAE’s cryptocurrency regulator. The organisation will create crypto laws to address anti-money laundering requirements and track cross-border transactions.

The newest announcement comes little over a year after Dubai’s financial services authority originally stated that it will create a regulatory framework for the cryptocurrency industry.

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