License preparation for crypto assets from UAE

The United Arab Emirates is reportedly preparing to issue a federal license to service providers for digital assets (VASP) by the end of this quarter to attract the world's largest crypto companies. According to Bloomberg's report, it was stated that the relevant authorities in the country are in the final stages of permission arrangements that will enable these platforms to operate. Binance, the world's largest cryptocurrency exchange in terms of trading volume, is thought to have a larger presence in the country. It is stated that the UAE, which plans to issue a nationwide licensing regulation for digital asset firms, aims to compete more strongly with countries such as Hong Kong and Singapore, which are on the way to create a fully regulated ecosystem in the field of crypto trading.

Licensing is already in use in some regions

It is among the information that some free economy zones in the country have already issued permits for platforms. According to a report published by the government, it is stated that Dubai Multi Commodities Center has issued 22 license s, while Abu Dhabi Global Market has 6, and Dubai Silicon Oasis Authority has at least one. Dubai International Financial Center, which is the center of Wall Street banks in the Middle East, does not currently have a permit. At the end of last year, the UAE had completed its risk assessment report with 14 public and 16 private sector participants in order to attract more investment.