“This has led to heightened compliance levels with the country's laws, aligning with global efforts to combat money laundering and terrorism financing, and meeting the standards set by the Financial Action Task Force (FATF),” adds the director of the Anti-Money Laundering Department at the UAE's Ministry.
UAE Central Bank issues new guidelines for virtual assets
Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating the use of, virtual assets (VA), such as cryptocurrencies and exchange tokens, and Virtual Asset Service Providers (VASPs) in money laundering and financing of terrorism. The guideline elaborates on various...Openness to new financial models and regulations draws international blockchain companies to the UAE
The UAE is poised to become a hub for blockchain firms and startups, and a leading example for the rest of the world to follow. As we continue to innovate and build the ecosystem, the robust and consistent rules that are being laid out will make UAE a leading blockchain...
Dubai’s VARA brings out ‘specialized regulations’ for virtual assets
Dubia, UAE--Dubai’s Virtual Asset Regulatory Authority (VARA), has issued what it calls as Virtual Assets and Related Activities Regulations 2023. The regulations set out a comprehensive virtual asset framework built on principles of economic sustainability and cross-border financial security. The UAE has remained committed to enabling these drivers safely, updating...
FSRA grants Binance permission to provide crypto custody services
Abu Dhabi, UAE---Binance, world's biggest cryptocurrency exchange, announced that it has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). The permission will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP...
Binance gets MVP license from Dubai virtual assets authority
Dubai, UAE--Binance, the leading global blockchain services provider, said Tuesday it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing it to offer virtual assets services. Binance was issued the provisional license in March 2022. The transition to an MVP License from a...
Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in the region.
VARA of Dubai to make entry into Metaverse through ‘Sandbox’
Dubai’s Virtual Assets Regulatory Authority (VARA) will enter into the Metaverse with the establishment of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox’.
Friendly policies woo major crypto firms to Dubai
The emirate's Virtual Asset Regulatory Authority governs cryptocurrency trade through a comprehensive set of legislations and globally applicable policy frameworks.
Kuwait begins a drive to educate people on virtual assets
The Central Bank of Kuwait (CBK) and Capital Market Authority (CMA) have launched a campaign to educate people about virtual assets (crypto currencies and coins).
