PANews August 7 news, according to Cointelegraph, the UAE Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (VARA) announced the establishment of a strategic cooperation to promote the unification of the national cryptocurrency regulatory framework. Both parties will achieve mutual recognition of Virtual Asset Service Provider (VASP) licenses, but this does not equate to automatic passage, as compliance reviews such as Anti-Money Laundering (AML/CFT) still need to be fulfilled. The new mechanism includes unified registration, real-time data sharing, joint regulation, and a legislative review committee, aiming to simplify the approval process and enhance the UAE's competitiveness in the global cryptocurrency regulatory field.