Dubai and UAE move to align crypto frameworks under new partnership
Main Idea
The UAE is harmonizing its crypto regulation approach through a partnership between the Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (VARA), focusing on licensing reciprocity, joint supervision, and AML coordination.
Key Points
1. The UAE's SCA and VARA are collaborating to align crypto regulations, formalizing a partnership announced in September 2023.
2. Licensing reciprocity between SCA and VARA does not include automatic 'passporting' of licenses, requiring separate assessments for operational readiness and AML/CFT compliance.
3. A Legislative Review Committee has been formed to evaluate and refine crypto regulations, aiming to position the UAE as a leader in crypto governance.
4. The partnership strengthens the UAE's global appeal as an innovation-first jurisdiction with unified virtual asset oversight.
5. The collaboration is part of a broader UAE effort to enhance national-level regulatory coordination, with future collaborations remaining a strategic priority.
Description
A VARA spokesperson told Cointelegraph that while mutual license recognition is a feature, it does not mean automatic passporting to different emirates.
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