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Cryptocurrencies

UAE regulator SCA works on financial crime regulation for virtual assets

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The United Arab Emirates’ Securities and Commodities Authority (SCA) on Tuesday said it was closer to issuing virtual asset investment regulation, and had finished a consultation on money laundering and terrorist financing risks in the sector.

The UAE, the region’s financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up. It has also in recent years tightened regulations to overcome an image as a hotspot for illicit money.

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The SCA’s statement on the anti-money laundering and terrorist financing risk framework comes after global financial crime watchdog the Financial Action Task Force (FATF) on Friday included the UAE on a list of jurisdictions subject to increased monitoring, known as its “grey” list..

The SCA completed consultations with authorities in the UAE to ensure the virtual assets sector adheres to FATF recommendations and requirements, it said.

The SCA oversees virtual asset activities and services issued for investment purposes on the UAE mainland. Financial free zones Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) issue their own regulations.

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