Cryptocurrency

UAE Expands Virtual Asset License Operations Nationwide

The United Arab Emirates (UAE) seeks to unify the regulation of the nation by allowing VASPs licensed in Dubai to operate across the country More than fifty firms have been licensed by the Dubai Integrated Information Portal, which will enable them to offer their services throughout the United Arab Emirates. This will help ease the process of establishment of crypto businesses from Dubai to the rest of the emirates thus strengthening the unity in the cryptocurrency market across UAE.

The programme entails a coordination between the Dubai Virtual Asset Regulatory Authority (VARA), and the United Arab Emirates Financial Services Authority (FSA), which will both co-regulate VASP activities and scrutiny across emirates. Licensed business in Dubai will be treated as automatically approved to operate throughout the country for securities and commodities under SCA while all others from other emirates will required the SCA approval.

According to His Excellency Mohamed Ali Al Shorafa, the need for such an agreement cannot be overemphasized given the need to establish a solid and secure environment for Virtual Assets. The UAE’s decision arrives on the heels of the country being ranked number 3 in terms of crypto adoption according to Henley & Partner’s global index.

Suhail Hasan

Suhail Hasan is a British businessman and entrepreneur who is the COO of Fame and guest author of Dubai News.

Recent Posts

7 Epic UAE Music Festivals You Can’t Miss in 2025

The UAE prepares to create an unforgettable 2025 for all live music fans across the…

54 minutes ago

Emirates Group: Aligning Education with AI Crucial for Building Future-Ready Talent

The Emirates Group brought attention to Dubai AI Week 2025 by emphasizing the necessity of…

2 hours ago

Sheikh Hamdan Opens Dubai AI Week 2025, Calling AI Readiness a Key Measure of Government Success

The Dubai AI Week 2025 launch took place under the leadership of His Highness Sheikh…

3 hours ago

Dubai to Launch Self-Driving Taxi Trials with Baidu Ahead of 2026 Rollout

The upcoming trials in Dubai will deploy 50 self-driving taxis because the city intends to…

1 day ago

Hamdan bin Mohammed: AI Will Shape Dubai’s Future Vision

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum identifies Artificial Intelligence as the…

1 day ago

Where to Find the Best Steak Frites in Dubai Right Now

The desire to eat steak frites in Dubai can be relieved only through the perfect…

1 day ago