Friday, December 9, 2022

UAE to issue crypto licenses framework: report

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The UAE is eyeing companies and other providers within the growing crypto industry with a licensing framework that makes the country a crypto-friendly jurisdiction.

 The United Arab Emirates is reportedly eyeing the global crypto and fintech space with plans for licensing framework set to attract the world’s leading virtual asset service providers, a report published by Bloomberg on Thursday says.

According to the report, the crypto licenses are meant to make it easy for major digital asset firms and other financial technology providers to set up in the country, with the goal being to make the UAE a global hub.

The Securities and Commodities Authority, UAE’s securities regulator, is said to be working on the final outlook of the proposed licensing regime.

When unveiled, sources closer to the matter told Bloomberg, the framework will provide a seamless licensing route meant to see crypto exchanges and other VASPs want to set up their offices and operations in the country.

The national crypto licensing program is reportedly developed in accordance with guidelines provided by the Financial Action Task Force (FATF). Per the global regulator, countries need to ensure stringent registration protocols are followed when allowing crypto-related companies to set up operations, the key being to ensure anti-money laundering (AML) compliance.

In UAE’s case, the securities regulator (SCA) will work alongside the central bank to oversee the national regulation of crypto companies. Meanwhile, local financial regulators will have the mandate to handle licensing processes specific to their region and in line with the crypto company in question.

In offering a crypto-friendly environment, the UAE is likely targeting a huge part of the crypto market that could be looking at destinations such as Hong Kong and Singapore.

As well as the crypto licenses, the country wants to attract miners via key regulations that support the industry while promoting the use of green energy.

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