Dubai financial regulator working on regulations for cryptocurrencies
The Dubai Financial Services Authority is reportedly looking to introduce two crypto-related consultation papers as part of its business plan in 2021. The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations.The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021–2022 business plan released on Jan. 18.According to the DFSA, the upcoming crypto framework will further expand the DFSA’s regulation....
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Legal expert Kokila Alagh shared insights regarding crypto and blockchain regulations in the United Arab Emirates. While many countries are inclined to simply ban the use of Bitcoin (BTC) and virtual assets, regulators in the United Arab Emirates are taking a different approach. The country has been consistently enacting its vision of becoming a blockchain capital by providing frameworks to guide crypto businesses on how to operate in accordance with the laws.Jurisdictions in the country are divided between the mainland, where the regulator is the Securities and Commodities Authority....
The UAE continues to be one of the most friendly jurisdictions worldwide for the digital asset industry. The Dubai Financial Services Authority (DFSA) has established a regulatory framework for investment tokens as part of its efforts to stimulate the digital financial and technological environment while also meeting market players' demands and requirements.The DFSA is an independent regulatory body in Dubai that is in charge of monitoring and regulating financial services companies wanting to operate there. It also licenses and regulates their products and services.According to a report....
The crypto license legislation might be the first nationwide crypto-focused regulation. However, various free zones in the country had introduced crypto regulations as early as 2018. The United Arab Emirates is reportedly planning to issue a federal crypto license for virtual asset service providers by the end of the first quarter.The UAE Securities and Commodities Authority is reportedly in the final stages of finalizing legislation that would allow digital asset firms to set base in the country, reported Bloomberg. A national crypto licensing legislation would help the UAE with its goal....
A major cryptocurrency exchange in the UAE, Bitoasis, has obtained provisional approval from Dubai’s new cryptocurrency regulator. Binance and FTX have also been green-lighted by the regulator. Bitoasis Pursuing License From Dubai’s New Crypto Regulator Bitoasis, a major crypto exchange founded and headquartered in Dubai, announced Wednesday that it has received “provisional approval” from Dubai’s new crypto regulator, the Virtual Assets Regulatory Authority (VARA). Dubai adopted its first law to regulate the crypto sector earlier this month and....
Dubai has adopted its first law to regulate the crypto sector. It has also established a dedicated regulator to oversee crypto activities and related service providers. Crypto Sector Regulated in Dubai The emirate of Dubai has adopted its first law to regulate crypto assets and established a regulator to oversee crypto activities and regulate crypto service providers. The official Twitter account for Sheikh Mohammed bin Rashid Al Maktoum announced Wednesday that the first virtual assets law has been approved in Dubai and the Dubai Virtual Assets Regulatory Authority (VARA) has been....