UAE to Issue Crypto Licenses in Bid to Become Industry Hub: Report

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The UAE is planning a hybrid approach to regulating crypto, split between regulators at the federal and emirate levels. By egreechee

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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