As Bitcoin (BTC) and cryptocurrencies continue to increase in popularity, countries are starting to approach the crypto industry positively.
In this context, good news for cryptocurrency platforms came from the United Arab Emirates (UAE).
The UAE's securities regulator announced yesterday that it has started receiving applications for licenses from crypto companies that want to provide crypto services in the country.
The UAE Securities and Commodities Authority (SCA) has started receiving applications for licenses from all virtual asset service providers (VASP) companies other than those licensed in financial free zones in the country.
The announcement further stated that crypto companies wishing to operate in the Emirate of Dubai must obtain a license from the Virtual Assets Regulatory Authority (VARA) in addition to SCA approval.
The statement included the following:
“At the end of 2022, the UAE Council of Ministers issued its Resolution 111 of 11 December 2022 on the regulation of cryptocurrencies and service providers, making the Securities and Commodities Authority the body responsible for making decisions governing virtual asset transactions and licensing and operating mechanisms of service providers.
Based on these decisions, all companies that provide virtual asset services in SCA country and meet the necessary conditions (except companies licensed in financial free zones) are required to apply for a virtual asset license. "