BCGAME - Free 5BTC Daily Bonus!In a significant development for the sector, a cooperation agreement with Dubai’s cryptocurrency regulator was recently signed by the UAE’s securities regulator to demonstrate “regulatory cohesion” in the country.
In its official statement, the regulator highlighted that: “The Securities and Commodities Authority (SCA) has signed a cooperation agreement with the Virtual Assets Regulatory Authority (VARA) of Dubai to reinforce the UAE’s position as a leading global hub for virtual assets, in alignment with the “Principles of 50” and the government’s visionary aspirations to build the best and most dynamic economy in the world.”
The agreement between the regulatory bodies allows for mutual supervision of virtual asset service providers (VASPs) across the country. As outlined in the agreement, providers operating in Dubai and seeking a VARA license “can be registered by default with the SCA to serve the wider UAE.”
Commenting on the important step forward in regulating the industry, Mohamed Ali Al Shorafa, Chairman of the SCA, emphasized that the agreement is in line with government guidelines to regulate the local virtual asset industry, control its activities, and enhance overall monitoring to protect investors.
“We strive to establish effective frameworks in cooperation with our partners to promote the growth and stability of the virtual asset sector in the UAE, thereby ensuring the enforcement of anti-money laundering legislation and reinforcing trust in the UAE’s investment ecosystem,” he said.
The manager also highlighted the importance of cooperation between different regulatory authorities in the country to attract global companies and organizations to operate in its dynamic financial sectors, including virtual assets.
It is worth remembering that, in June, Binance, the largest cryptocurrency exchange in the world, has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant step towards the platform’s expansion.
