The United Arab Emirates is preparing to issue federal licenses for virtual assets service providers by the end of this quarter in a bid to attract crypto companies to the country,The Securities and Commodities Authority is in the final stage of setting up a framework allowing VASPs to set up shop in the country, the official said.
Having considered the approaches of the U.S., U.K. and Singapore, the UAE will take a hybrid approach: The SCA and central bank will be responsible for regulation, with regional financial centers determining their day-to-day procedures on licenses, according to Bloomberg.The government of Dubai, one of the seven constituent emirates,
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egreechee It is interesting to know their approach to stablecoins like Tether and Circle
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egreechee Not surprising? Freezones (especially DIFC/ADGM) have always had differing regulatory regimes to federal
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