UAE to Start Issuing National Licences to Crypto Companies – Bloomberg
The Government of the United Arab Emirates (UAE) plans to issue the first national licences to Virtual Asset Service Providers (VASPs) by the end of the first quarter of 2022.
According to Bloomberg, citing a government official, the UAE Securities and Commodities Authority (SCA) is making final changes to the country’s legislation that will allow the creation of a VASP. According to the regulator, this will attract major industry players.
22 companies in the Dubai Multi Commodities Centre, six companies in the Abu Dhabi Global Market and at least one in Dubai Silicon Oasis have already received such licences.
In a conversation with Bloomberg, the official noted that the SCA and the central bank will regulate the market at the state level, while local financial centres will be able to establish their own licensing procedures.
By the way, based on the Dubai World Trade Center (DWTC), the Dubai government will create the first “comprehensive area and regulatory authority” for digital assets, products, operators and exchanges.