UAE Financial Authorities Announce Agreement on Virtual Asset Supervision

According to Odaily, the United Arab Emirates' Securities and Commodities Authority (SCA) and Dubai's Virtual Assets Regulatory Authority (VARA) have announced an agreement that will enable mutual supervision of virtual asset service providers (VASPs) within the country. Under this agreement, VASPs operating in Dubai and seeking VARA licensing will automatically be registered with the SCA, allowing them to serve the broader UAE market. However, the SCA clarified that VASPs wishing to operate in emirates outside of Dubai must still obtain permission from the respective regulatory authorities.