The UAE SCA and Dubai VARA promote cooperation in encryption regulation and advance mutual recognition of licenses.



According to HashChain News, the Securities and Commodities Authority (SCA) of the UAE and the Dubai Virtual Assets Regulatory Authority (VARA) have announced the establishment of a strategic partnership aimed at promoting the unification of the national encryption regulatory framework. The two parties will recognize each other's licenses for Virtual Asset Service Providers (VASP), but compliance reviews such as Anti-Money Laundering (AML/CFT) will still need to be fulfilled. The new mechanism includes unified registration, real-time data sharing, joint supervision, and a legislative review committee, aimed at simplifying the approval process and enhancing the UAE's competitiveness in the global encryption regulatory field.

#SCA # VARA #Cryptocurrency # Blockchain #Regulation
SCA3.74%
VARA3.1%
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