UAE Opens Licensing Applications for VASPS

The Securities and Commodities Authority (SCA), a regulatory agency of the United Arab Emirates (UAE), will start receiving licensing applications from firms that want to provide virtual asset services in the country. The SCA requires all virtual asset service providers (VASPs) operating in the country to submit an application and obtain a license from the regulator. However, the requirement does not apply to companies licensed in the country’s financial free zones. VASPs operating in Dubai will additionally have to obtain a license from the Dubai Virtual Assets Regulatory Authority (VARA).

Sources: https://cutt.ly/C5wm8EG