Crypto companies looking to provide services in the United Arab Emirates will have to apply for mandatory approval from the country's securities watchdog. iamsandali reports
– must apply for approval with the Securities and Commodities Authority . The licensing regime was approved by the SCA on Monday following a decision by the UAE Council of Ministers last year to regulate the crypto sector.
Firms seeking authorization will have to demonstrate"operational efficiency and flexibility," and meet operational standards rules for a set of standards., according to the announcement. Financial activities like brokerage and custody of virtual assets, as well as a new category of virtual asset service provider, have been added to the legislation.
"A person wishing to engage in virtual asset activities shall have headquarters in the State to conduct his business, according to one of the legal forms approved by the local authorities concerned with commercial licenses," the regulation dictates.
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