What's Hot

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Circle Launches EURC on Stellar Network

      News September 28, 2023
      Recent

      Circle Launches EURC on Stellar Network

      September 28, 2023

      Gemini Allocates $24 Million for Indian Expansion

      September 28, 2023

      Kraken Secures EMI License from Ireland and Spain

      September 28, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Business»UAE Introduces New Crypto Exchange Licensing Program
    Business

    UAE Introduces New Crypto Exchange Licensing Program

    Anietie DavidBy Anietie DavidApril 18, 2023Updated:April 18, 2023No Comments2 Mins Read
    UAE Introduces New Crypto Exchange Licensing Program
    Image from Wikimedia Commons
    Share
    Facebook Twitter LinkedIn Pinterest Email

    UAE launches crypto business licensing program first passed into law in January. The new regime imposes minimum capital requirements and anti-money laundering rules. It does not apply to economic free zones or to Dubai, which is regulated by the Virtual Assets Regulatory Authority.

    Crypto businesses interested in operating in the UAE may now apply for a license from the Securities and Commodities Authority. Firms must comply with corporate behavior norms such as honesty, transparency, consumer asset protection, and limiting the trade of particular items to specified consumers under the new licensing regime, which was authorized by the SCA’s board of directors.

    New UAE Rule Requires Minimum Capital Reserves

    The new rule identifies digital asset business operations that need a license under Article (5), including brokerage, custody, platform operation, and virtual asset service providers.

    Article (6) empowers the SCA to request further documents from cryptocurrency firms. Article (7), on the other hand, mandates minimum capital requirements, mandating enterprises to follow the Financial Action Task Force’s anti-money laundering principles. The UAE is now on FATF’s gray list, which means it is subject to increased scrutiny.

    Except for economic free zones and Dubai, the SCA license rules apply to all emirates in the UAE. It gives local financial hubs like Abu Dhabi flexibility in their licensing processes.  In order to operate in Dubai, cryptocurrency companies must register with the Virtual Assets Regulatory Authority (VARA).

    UAE Set to Establish Digital Assets Free Zone

    Sheikh Saud bin Saqr Al Qasimi, a member of the UAE Supreme Council, recently established a free zone dedicated to digital assets.

    The Ras Al Khaimah Digital Assets Oasis is tied to the UAE’s newly formed Department of the Future. It will launch in the second quarter of 2023, attracting metaverse, blockchain, NFT, DAO, and other Web 3 companies.

    The SCA will work with the central bank to enforce the new rules, which take effect on January 15, 2023. The SCA criteria were influenced by the UAE Cabinet Decision No. (111) of 2022, which was announced at the end of last year.

    Blockchain Crypto License Cryptocurrency Economy UAE
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleDefi Protocol Hundred Finance Loses $7M in Hack Exploit
    Next Article 88% of Customer Accounts Have Been Unfrozen – Ray Youssef
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    London Stock Exchange Group Plans Blockchain-Based Platform for Traditional Assets

    September 4, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.