UAE Market
As a global innovation hub, the UAE is a go-to market for many players in the Blockchain sector. The UAE's strategic initiatives and progressive regulatory frameworks foster a lucrative crypto ecosystem characterised by a robust approach and impressive speed, which is yet to be developed in other jurisdictions globally. To navigate the diverse crypto landscape in the UAE, we engage in active monitoring of political, regulatory, and sector developments.
We support our members in developing strategies for market entrance and licensing, and organise meetings with key representatives of regulatory authorities. The UAE's proactive stance on crypto regulation provides a dynamic environment for digital asset businesses to thrive, and our involvement ensures that our members can leverage these opportunities effectively.
Regulatory and Political
Developments in UAE
The UAE has emerged as a global hub for cryptoassets and blockchain technology, thanks to its forward-thinking approach and strong government support. The UAE government views digital finance as a key driver of economic diversification and has integrated the development of cryptoassets into its Vision 2021 and Vision 2030 strategies. This political backing has created a highly favourable environment for the growth of the crypto industry in the region.
The UAE’s regulatory framework for cryptoassets is sophisticated and multi-layered, reflecting the country’s commitment to both innovation and security:
✔️ Securities and Commodities Authority (SCA) Guidelines: The SCA oversees the regulation of cryptoassets at the federal level, focusing on anti-money laundering (AML) and combating the financing of terrorism (CFT). The SCA has issued comprehensive guidelines for the issuance, trading, and custody of cryptoassets, ensuring that these activities are conducted within a secure and regulated environment.
✔️ Dubai and Abu Dhabi Free Zone Regulations: In addition to federal regulations, specific free zones like the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) have established their own regulatory bodies to govern crypto activities. These include the Dubai Virtual Assets Regulatory Authority (VARA) and the Abu Dhabi Financial Services Regulatory Authority (FSRA), both of which provide clear and business-friendly regulatory frameworks that support the growth of the crypto industry while ensuring robust oversight.
The UAE is well-positioned to continue to attract CASPs. Engaging with the individual regulatory authorities on proposed rules and requirements will be important to the development of the sector within the middle east and beyond.
Our Team in UAE
