Alessandra
Fri Jun 07 2024
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5 answers
1460
What are the rules for cryptocurrency in UAE?｜Since the issuance of Federal Cabinet Decision No. 111 of 2022 on the regulation of virtual assets and their service providers, no person has been permitted to engage in virtual asset activities in Onshore UAE without first obtaining approval and a license from the SCA or a local licensing authority.
Could you please elaborate on the rules governing cryptocurrency in the United Arab Emirates? I understand that following the Federal Cabinet Decision No. 111 of 2022 regarding the regulation of virtual assets and their service providers, it is mandatory for individuals to obtain approval and a licence from the Securities and Commodities Authority (SCA) or a local licensing authority before engaging in any virtual asset activities within the Onshore UAE. Could you provide further details on the specific requirements and procedures involved in obtaining these licences? Additionally, are there any specific restrictions or limitations on the types of cryptocurrencies that can be traded or held within the UAE?
