UAE aims to be global leader in cryptocurrency with new licensing scheme for brokers

The UAE is gearing up to attract global cryptocurrency exchanges and businesses with a new licensing scheme.

The new rules are set to go into effect by the end of the first quarter of 2022, according to a Bloomberg report.

The UAE Securities & Commodities Authority (SCA) is finalizing the legislation which opens the doors to virtual asset providers (VASPs) to service UAE residents and nationals.

One of the biggest exchanges in the crypto space, Binance, has been in talks with authorities in Dubai since last year on a regulatory framework for digital assets that complies with international AML/KYC standards.

Late last year, the Dubai World Trade Center said on their official Twitter page that they will be the official regulatory body for the crypto industry in the country.

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