The United Arab Emirates’ Financial Services Regulatory Authority (FSRA) has updated its Anti-Money Laundering (AML) and sanctions rules by adding new provisions concerning digital assets, according to a press release issued on Dec. 21.
The revisions — effective immediately — are set to enforce the Financial Action Task Force’s (FATF) Travel Rule on digital assets, marking a critical step in the UAE’s stance on cryptocurrency regulation.
The updated AML rules are a response to the evolving nature of financial transactions in the digital age, where traditional frameworks often fall short in addressing the nuances of virtual asset transfers.
With this update, the UAE asserts its position as a leader in the crypto regulatory landscape, aligning with international standards to combat money laundering and terrorism financing effectively.
Travel Rule
A key feature of the updated rules is the explicit inclusion of the FATF’s Travel Rule. The FATF’s Travel Rule necessitates Virtu
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