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ARTICLE · 26 APRIL 2024

Regulating Unlicensed Virtual Asset Providers: A Comprehensive Guide

Dr Hassan Elhais
Dr Hassan Elhais
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Dr Hassan Elhais

Dr Hassan Elhais

Dr. Hassan Elhais, along with the team of legal consultants and prominent local lawyers across the...

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In recent years, the world has witnessed rapid growth in the popularity and adoption of virtual assets, including cryptocurrencies, non-fungible tokens (NFTs), and various other digital assets.

United Arab EmiratesTechnology
Hassan Elhais
Hassan Elhais

Introduction:

In recent years, the world has witnessed rapid growth in the popularity and adoption of virtual assets, including cryptocurrencies, non-fungible tokens (NFTs), and various other digital assets. With this rise, however, comes the demanding need for robust regulation to safeguard investors and ensure the integrity of financial markets.

In response to this imperative, the UAE has taken a significant step forward with Cabinet Decision No. 111/2022, aimed at regulating virtual assets and combating the use of unlicensed Virtual Asset Service Providers (VASPs) to safeguard investors' interests.

Understanding the Scope and Definitions:

Cabinet Decision No. 111/2022 provides a comprehensive framework for the oversight and licensing of Virtual Asset Service Providers operating within the UAE. Central to its objectives is the abolition of unlicensed entities offering virtual asset services, thereby mitigating the risks associated with illicit

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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