{"id":386897,"date":"2023-04-18T18:03:51","date_gmt":"2023-04-18T18:03:51","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=386897"},"modified":"2023-04-18T18:03:51","modified_gmt":"2023-04-18T18:03:51","slug":"uae-is-offering-licenses-for-companies-that-seek-to-provide-virtual-asset-services","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/uae-is-offering-licenses-for-companies-that-seek-to-provide-virtual-asset-services","title":{"rendered":"UAE is offering licenses for companies that seek to provide virtual asset services"},"content":{"rendered":"

The UAE has been building a strong relationship with the cryptocurrency industry in some of its regions, but now, the federal financial regulatory agency of the UAE seeks to offer licenses to crypto companies that would allow them to offer virtual asset services country-wide. According to the recent announcement <\/a>by the nation’s Securities and Commodities Authority (CSA), all virtual asset service providers who wish to operate in the country will have to submit an application to obtain the license.<\/p>\n

The applications should be submitted to the CSA itself. The only companies exempt from going through the process are those already owning the licenses to operate in financial free zones.<\/p>\n

Meanwhile, cryptocurrency companies that operate in the emirate of Dubai will still have to be in compliance with Dubai’s own, local financial regulator — Virtual Asset Services Authority (VARA). In other words, Dubai-based virtual asset service providers will need a VARA license and the CSA license.<\/p>\n

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UAE's financial regulators opens licensing Applications for VASPs. pic.twitter.com\/xjfxGN7ie3<\/a><\/p>\n

— Zyllot (@zyllot) April 18, 2023<\/a><\/p><\/blockquote>\n