UAE Opens Doors to Crypto Companies: Dubai Leads the Way in Digital Asset Regulation
The United Arab Emirates (UAE) Securities and Commodities Authority announced on Monday that it has begun accepting applications from cryptocurrency companies for licensing. Digital asset companies in Dubai also need to obtain licenses from the Dubai Virtual Assets Regulatory Authority.
Most companies will not need to apply for two licenses if they are already registered in the country’s financial free zones. The UAE offers financial incentives and a regulatory framework for businesses operating in financial free zones, particularly in the financial sector. This is to attract digital asset companies from around the world to the UAE.
Dubai has taken steps to attract investment in the digital asset industry and become a regional hub by issuing its latest crypto regulatory framework in February. That same month, the Securities and Commodities Authority was appointed to oversee the digital asset industry. Crypto.com, a Singapore-based exchange, announced on March 20 that it had obtained a sandbox license from Dubai, allowing businesses to test and develop their products and services for six months.
Hong Kong-based crypto custodian Hex Trust obtained its preliminary license in November and officially launched its operations in Dubai in February. According to a Bloomberg report on April 5, Binance received its preliminary license in September last year, but officials in Dubai sought more information about its management before granting operational permit from the global exchange.
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