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UAE SCA and Dubai VARA Establish Strategic Partnership, Achieving National License Recognition
Summary: According to Cointelegraph, the Securities and Commodities Authority (SCA) of the UAE and the Dubai Virtual Assets Regulatory Authority (VARA) have officially established a strategic partnership to coordinate a unified cryptocurrency regulatory framework in the UAE. Under the agreement, both parties will implement a mutual recognition mechanism for Virtual Asset Service Providers (VASPs), with companies ...
According to Cointelegraph, the Securities and Commodities Authority (SCA) of the UAE and the Dubai Virtual Assets Regulatory Authority (VARA) have officially established a strategic partnership to coordinate a unified cryptocurrency regulatory framework in the UAE. Under the agreement, both parties will implement a mutual recognition mechanism for Virtual Asset Service Providers (VASPs), with companies still required to undergo compliance checks such as anti-money laundering assessments. This partnership streamlines the national expansion process for businesses, with SCA also forming a dedicated committee to collaborate with VARA in enhancing regulatory laws, marking a crucial step towards the UAE becoming a global leader in crypto governance. VARA emphasizes that this collaboration is the beginning of broader national-level regulatory coordination, and in the future, will work with institutions such as the Abu Dhabi Global Market to promote cross-border regulatory interoperability.
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Link: UAE SCA and Dubai VARA Establish Strategic Partnership, Achieving National License Recognition [Copy]
