The United Arab Emirates (UAE) has revealed its latest guidance to combat the use of unauthorized digital assets by digital assets providers in the country in order to ensure the integrity of the UAE’s financial system.
UAE’s Underscores Regulatory Guidance
The UAE‘s new guidance is aimed at educating licensed financial institutions (LFIs) and the broader public sector on the danger involved with unlicensed virtual asset service providers – which has been placed under Federal Law No. (20) of the 2018 Decree on Combating the Financing of Terrorism (CFT), Illegal Organizations, and Anti-Money Laundering (AML).
Mohamed Balama, Governor of the Central Bank of UAE stated that the strategy was unveiled amidst the increased access of virtual assets through digital channels.
“The new guidance on combating the use of unlicensed virtual asset service providers comes at a time when virtual assets become more accessible through digital channels,” Khaled stated.
The guide was issued by
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