The agreement between UAE regulators covers the mutual supervision of crypto providers, penalty imposition, information exchange and employee training.
The United Arab Emirates’ securities regulator signed a cooperation agreement with Dubai’s crypto regulator to demonstrate “regulatory cohesion” across the country by streamlining its licensing regime.
The UAE’s federal financial agency, the Securities And Commodities Authority (SCA) and Dubai’s crypto regulator, the Virtual Assets Regulatory Authority (VARA), announced an agreement that would allow the mutual supervision of virtual asset service providers (VASPs) in the country.
With the agreement, VASPs operating in Dubai that wish to obtain a license from VARA “can be registered by default with the SCA to service the wider UAE.” However, the SCA clarified that VASPs who wish to operate in emirates other than Dubai must still get a license from the regulator.
