{"id":77492,"date":"2023-04-19T15:14:27","date_gmt":"2023-04-19T12:14:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77492"},"modified":"2025-09-10T23:38:26","modified_gmt":"2025-09-10T20:38:26","slug":"uae-regulator-begins-licensing-crypto-service-providers","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/uae-regulator-begins-licensing-crypto-service-providers\/","title":{"rendered":"UAE Regulator Begins Licensing Crypto Service Providers"},"content":{"rendered":"<p>The UAE Securities and Commodities Authority (SCA)<a href=\"https:\/\/www.sca.gov.ae\/ar\/media-center\/news\/17\/4\/2023\/sca-announces-the-start-of-receiving-applications-for-licensing-virtual-asset-services.aspx\">has mandated<\/a> all crypto service providers (VASP) to apply for licences and register. The requirement does not apply to holders of free-zone licences.<\/p>\n<p>Crypto firms seeking to begin providing services in the UAE may file the relevant applications with the SCA.<\/p>\n<p>VASPs operating in Dubai Emirate will require obtaining <a href=\"https:\/\/u1f987.com\/en\/news\/dubai-adopts-cryptocurrency-regulation-and-establishes-a-regulatory-authority\">licence <span data-descr=\"Dubai regulator for digital assets\" class=\"old_tooltip\">VARA<\/span><\/a>.<\/p>\n<p>Under the government decree, the SCA<a href=\"https:\/\/www.sca.gov.ae\/en\/media-center\/news\/1\/2\/2023\/press-release-regarding-cabinet-resolution-no-111-of-2023-regarding-virtual-assets-and-their-service.aspx#:~:text=111%20of%202022%2C%20the%20responsibility,that%20guarantees%20the%20rights%20and\"> is charged with obligations<\/a> to &#8220;ensure the protection of investors&#8217; funds in virtual assets from illicit actions&#8221;.<\/p>\n<p>Under the Authority&#8217;s mandate, virtual assets used in payments are not within its remit. They fall under the local central bank&#8217;s purview.<\/p>\n<p>The SCA does not have authority to regulate firms registered in free zones.<\/p>\n<p>In February 2023, Ras Al Khaimah&#8217;s government announced plans to create <a href=\"https:\/\/u1f987.com\/en\/news\/ras-al-khaimah-to-launch-free-zone-for-digital-asset-companies\">RAK Digital Assets Oasis<\/a> for digital asset companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UAE Securities and Commodities Authority (SCA) has mandated all crypto service providers (VASP) to apply for licences and register. The requirement does not apply to holders of free-zone licences.<\/p>\n","protected":false},"author":1,"featured_media":77493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,36,42],"class_list":["post-77492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-regulation","tag-uae"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77492"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77492\/revisions"}],"predecessor-version":[{"id":77494,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77492\/revisions\/77494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77493"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}