The Securities and Commodities Authority (#SCA) of the
United Arab Emirates (#UAE) has mandated all virtual
asset service providers (#VASPs) to register with the
authority,
However, this requirement does not apply to VASPs
operating within #freeeconomiczones that have their own
regulatory #frameworks.
The SCA has been tasked with ensuring the protection of
investors' virtual assets from #illegalactivities
Any #crypto firm intending to #provideservices in the UAE
can submit an application to the SCA for #registration
VASPs operating within Dubai will need to obtain a
#VARAlicense.
It's worth noting that the regulation of #virtualassets used
in #paymentsystems falls under the purview of the local
#centralbank and not the SCA.
The SCA does not have regulatory authority over firms
registered within free #economic zones
This comes as the #government of #RasAlKhaimah, one
of the UAE's #emirates, announced plans to create the
#RAKDigitalAssetsOasis for digital asset #industry
companies in February 2023
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Около минуты
30 апреля 2023