ARTICLE · 06 FEBRUARY 2023

Regulatory Change For UAE Crypto Businesses

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The United Arab Emirates has seen considerable growth of its cryptocurrency and blockchain industry driven in part by the pro-active steps taken to introduce regulatory regimes for the sector.

United Arab EmiratesTechnology

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The United Arab Emirates has seen considerable growth of its cryptocurrency and blockchain industry driven in part by the pro-active steps taken to introduce regulatory regimes for the sector.

On 12 December 2022, the UAE Government issued Cabinet Resolution No.111 of 2022 on the regulation of Virtual Assets and Service Providers which came into force on 15th January 2023.

The regulation builds on similar measures introduced last year with Dubai's Law No. 4 of 2022 (Dubai Virtual Assets Law), aiming to regulate the virtual asset industry in the Emirate of Dubai and introduce a new regulatory body, Dubai Virtual Asset Regulatory Authority (VARA).

How is this different?

This latest resolution establishes a unified regulatory framework at the federal level, which applies to all of the Emirates and not just Dubai.

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