The United Arab Emirates is moving to simplify its cryptocurrency regulatory landscape, creating a single, country-wide licensing framework for digital asset firms.
The United Arab Emirates is moving to simplify its cryptocurrency regulatory landscape, creating a single, country-wide licensing framework for digital asset firms. In a newly announced collaboration, the federal Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) will align their oversight systems to unify how the sector is governed.
Under the agreement, a license issued by either VARA in Dubai or the SCA in other emirates will be valid across the UAE, removing the need for multiple approvals. The two regulators will also coordinate compliance checks and share enforcement responsibilities, ensuring that the same standards are applied nationwide.
One of the cornerstones of the partnership is real-time data sharing. The SCA and VARA will exchange information instantly, carry out joint inspections, and take coordinated legal action when necessary. This streamlined process is designed to improve efficiency while reducing duplicated efforts.
To back this initiative, the SCA has formed a Coordinating Committee for Legislative Review. Working alongside VARA, the committee will examine existing virtual asset regulations, recommend updates in line with Financial Action Task Force (FATF) guidelines, and address gaps in anti-money laundering (AML) and counter-terrorism financing (CTF) rules.
For the crypto industry, the move signals a more predictable and business-friendly environment. By harmonizing licensing and oversight, the UAE aims to cut red tape, speed up regulatory decisions, and strengthen its position as a global hub for digital assets.
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Source: https://coindoo.com/uae-unifies-crypto-rules-with-single-nationwide-license/