UAE Readies National Crypto Licensing in Push to Embrace Fintech - Bloomberg
The United Arab Emirates is poised to issue federal licenses for virtual asset service providers by the end of the first quarter in an effort to attract some of the world’s biggest crypto companies, according to a government official.
The Securities and Commodities Authority is in the final stage of amending legislation to allow VASPs to set up, said the official, who requested anonymity due to government policy.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is among those considering a bigger presence in the country. A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading.
Some of the nation’s financial free zones have already issued permits for VASPs. Dubai Multi Commodities Centre has licensed 22, while Abu Dhabi Global Market has six and Dubai Silicon Oasis Authority has at least one, according to a government report seen by Bloomberg. Dubai International Financial Centre, which is the Middle East hub for most Wall Street banks, has none for now.
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