Crypto news recap: UAE regulates virtual asset services

Crypto news recap: UAE regulates virtual asset services

ALBAWABA- Welcome to our weekly crypto news recap! Discover the hottest highlights in the cryptocurrency industry, including UAE's virtual asset regulation, USDT's market surge, and CoinMENA's expansion to Iraq. Stay informed with the latest developments shaping the world of digital currencies by reading on.

The Securities and Commodities Authority (SCA) in the UAE has begun accepting applications for licenses from companies interested in offering virtual asset services. This follows the Cabinet's Resolution No. 111 of 2022, which granted the SCA the power to regulate virtual asset transactions and license virtual asset service providers. This is a notable development, as it is the first time a federal entity in the UAE has taken steps to regulate the crypto industry. In Dubai, for instance, businesses must acquire approval from both the Dubai Virtual Assets Regulatory Authority (VARA) and the SCA to operate legally.