Crypto news recap: UAE takes prominent steps in the crypto world

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Crypto news recap: UAE takes prominent steps in the crypto world

ALBAWABA- In the crypto news recap this week, the UAE took significant strides in the cryptocurrency world. The Central Bank issued comprehensive AML/CFT guidance for Licensed Financial Institutions, Gemini announced plans to obtain a crypto service license in the UAE, and the UAE and Hong Kong collaborated to enhance their financial sectors. These developments highlight the UAE's growing prominence in the crypto space and its commitment to innovation and regulatory compliance.

The Central Bank of the UAE (CBUAE) has issued comprehensive guidance to Licensed Financial Institutions (LFIs) regarding anti-money laundering and combatting the financing of terrorism (AML/CFT). The new guidelines specifically address concerns related to virtual assets, including cryptocurrencies and non-fungible tokens. 

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