Money & BusinessUAE
UAE: Preparations for national crypto licensing underway
UAE is preparing to issue federal licenses to virtual asset service providers by the end of the first quarter of the year. The move comes in an effort to attract some of the world’s largest crypto companies to the country.
The Securities and Commodities Authority, or SCA, is in the final stage of amending legislation to allow Virtual Asset Service Providers, or VASPs to set up.
A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading.
