SCA And VARA Enter Into A Cooperation Agreement

In September 2024, the Securities and Commodities Authority (SCA) and Dubai's Virtual Assets Regulatory Authority (VARA) signed a cooperation agreement to streamline their regulatory frameworks and attract international virtual asset service providers (VASPs).

In September, the Securities and Commodities Authority (SCA) and Dubai's Virtual Assets Regulatory Authority (VARA) entered into a cooperation agreement aiming to harmonize their regulatory frameworks and increase the UAE's appeal to international virtual asset service providers (VASPs).

The regulatory position prior to the cooperation agreement required VASPs operating in the Emirate of Dubai to obtain a licence from both VARA and the SCA. The agreement now creates a unified licensing framework for VASPs whereby a VASPs operating within or from the Emirate of Dubai are required to secure a licence from VARA only. Upon obtaining this licence, the licenced VASP will now automatically be registered with the