UAE: SCA receives applications for licensing companies intending to provide ‘Virtual Asset’ services

UAE: SCA receives applications for licensing companies intending to provide ‘Virtual Asset’ services

ABU DHABI - The Securities and Commodities Authority (SCA) announced that it had received licensing requests and inquiries from companies intending to provide Virtual Asset services following the issuance of the necessary regulations. The move aims to ensure that all companies that provide products and services related to the Virtual Assets sector in the country are fully regulated, as the SCA's Board of Directors, chaired by Muhammad Ali Al-Shorafa seeks to strengthen the country's position by ensuring that the local financial markets are among the best globally. Dr. Maryam Al Suwaidi, CEO of the SCA, stated that pursuant to Cabinet Resolution No. (111) of 2022 regarding the regulation of Virtual Assets and their service providers, which gave the SCA the mandate to issue regulatory decisions for Virtual Asset transactions and license its service providers; the SCA's Board of Directors issued the necessary decisions, which requires all companies providing Virtual Asset services based in the country (except for companies licensed in Financial Free Zones) to obtain a license from the SCA. All companies operating in Dubai must only obtain a license from the Dubai Virtual Assets Regulatory Authority (VARA), which will inform the SCA to have a unified register of all