Crypto News Recap: UAE to Issue Crypto License for VASPs

Crypto News Recap: UAE to Issue Crypto License for VASPs

Crypto markets look to be on the path to a new correction after a bloody week of plummets. On a happier note, the business-friendly UAE is a step closer to becoming the world's largest hub for crypto and blockchain technology with new plans to issue Federal Crypto License for VASP’s.

In more exciting news, JPMorgan Bank, whose CEO was a crypto outspoken hater, is implementing the very technology that Bitcoin pioneered.

Without any further ado, let’s check out last week’s stories.

UAE to Soon Issue National Crypto License

In a push to regulate and embrace crypto, the UAE is looking to issue a national crypto license for virtual assets providers (VASPs) as well as mining in the country. By the end of the first quarter, The UAE Securities and Commodities Authority will finalize the required laws and permits, according to Bloomberg.

It’s worth mentioning that some of the UAE’s financial free zones have already issued permits for VASPs as Bloomberg noted that DMCC has already licensed 22 VASPs, ADGM licensed 6 while Dubai Silicon Oasis Authority has one license.

Also, the DMCC recently launched its own crypto center in conjunction with CV Labs and other leading crypto businesses and exchanges. The DMCC Crypto Centre, located in