A VARA spokesperson told Cointelegraph that while mutual license recognition is a feature, it does not mean automatic passporting to different emirates.
The United Arab Emirates (UAE) took a significant step toward harmonizing its approach to crypto regulation. The country’s Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (VARA) announced a strategic partnership to unify the UAE’s approach to crypto regulations.
Last September, the regulators expressed their intention to work together toward unifying crypto frameworks in the country. One feature of the partnership is that it will allow Dubai-based licenses to service the entire UAE, according to a Wednesday announcement shared with Cointelegraph.
A VARA spokesperson told Cointelegraph that the latest development formalizes the agreement between the two regulators and “operationalises that intent” with concrete mechanisms.
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