The United Arab Emirates and Dubai regulators will mutually supervise virtual asset service providers

Foresight News reports that the United Arab Emirates' federal financial institution, the Securities and Commodities Authority (SCA), and Dubai's cryptocurrency regulator, the Virtual Asset Regulatory Authority (VARA), have announced an agreement allowing mutual regulation of the country's Virtual Asset Service Providers (VASP). According to this agreement, VASPs operating in Dubai and wishing to obtain VARA licenses "can by default register with SCA to provide services across a wider UAE." However, SCA clarified that VASPs hoping to operate outside of Dubai still need permission from regulatory authorities. The agreement covers mechanisms for mutual supervision of cryptocurrency providers. This includes cooperation on penalties and fines, information exchange, and staff training.