UAE VASPs with Dubai License to Offer Services Nationwide
CryptoNewsTerminal Staff11 Sep, 2024
UAE VASPs with Dubai License to Offer Services Nationwide
The Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) and the Dubai Virtual Asset Regulatory Authority (VARA) have inked an agreement to oversee virtual asset service providers (VASPs) and ensure regulatory harmony within the country. Under this agreement, VASPs that have obtained licenses from VARA in Dubai will be registered with the SCA, allowing them to offer their services throughout the UAE, except in specific financial free zones. However, VASPs seeking to operate in other emirates outside of Dubai will still need to obtain a separate license from the SCA. The collaboration aims to provide seamless regulatory coverage across the UAE while mitigating risks in the market, as stated by Helal Saeed Al Marri, Chairman of the VARA Board of Directors, who believes the agreement will strengthen the UAE's position as a global hub for the digital asset industry. This move by the UAE is seen as a progressive step towards regulating the cryptocurrency and virtual asset sectors, attracting international businesses and investors to the region.
