UAE Unites Crypto Rules: Making Big moves that gonna reshape crypto Market in middle east and the world.
The Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) have formalized a strategic partnership to harmonize crypto regulations—eliminating red tape and making the Emirates a powerhouse for virtual assets.
Mutual License Recognition
VARA-issued licences are now recognised by the SCA (and vice versa), so Virtual Asset Service Providers (VASPs) licensed in Dubai can seamlessly service clients nationwide.
Not automatic passporting—firms still undergo AML/CFT checks and operational readiness reviews to maintain robust security and compliance.
Unified Framework & Data Sharing
Introduction of a single VASP registration framework covering both authorities.
Real-time data exchange and joint supervision protocols ensure quick enforcement and unified oversight.
Legislative Review Committee
SCA formed a committee to work with VARA on refining crypto rules, aligning with international best practices, and future-proofing regulations.
Reduced Duplication, Faster Market Access
Eliminates “separate, potentially conflicting” approval processes, lowering operational risk and speeding up launch timelines for exchanges, wallets, and token issuers.
Strengthening the UAE’s Crypto Appeal
Positions Dubai and the broader UAE as a single, innovation-first jurisdiction for crypto—boosting investor confidence and drawing global projects.
Signals to Abu Dhabi Global Markets (ADGM) and other regulators that cross-emirate cooperation is a strategic priority.
Impact on Crypto Markets
Regional Leadership: As the UAE tightens its framework, neighbouring Gulf states may follow suit, shaping a pan-Middle East crypto hub that could influence global market flows.
#BTCReserveStrategy #UAE #CryptoPatience
Source: Cointelegraph, “Dubai and UAE move to align crypto frameworks under new partnership”
Credit: Ezra Reguerra / Cointelegraph