The UAE securities regulator has signed an agreement with Dubai's crypto regulator in order to establish a more unified regulatory system in the country.
The agreement aims to simplify the licensing process for virtual asset service providers.
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Under the agreement, virtual asset service providers operating in Dubai can automatically register with the Securities And Commodities Authority (SCA) without having to go through a separate licensing process.
However, the SCA has clarified virtual asset service providers wishing to operate in any emirate other than Dubai will be required to obtain a separate license from the SCA.