Overview
- SCA and VARA’s agreement activates a single license valid across all emirates, eliminating the need for separate approvals.
- The new framework mandates real-time data exchange and joint inspections to bolster anti-money laundering and counter-terrorism financing coordination.
- Virtual Asset Service Providers will face a single set of compliance standards and coordinated enforcement, reducing duplication during cross-emirate expansion.
- A Legislative Review Committee has been launched to revise UAE crypto laws in line with Financial Action Task Force guidelines and international best practices.
- Ongoing talks with the Abu Dhabi Global Market and other regulators aim to extend the harmonized framework to all federal and free zone jurisdictions.