UAE Adopts Regulatory Framework for Crypto Assets
The National Committee for Combating Money-Laundering and Financing of Terrorism and Illegal Organisations of United Arab Emirates (UAE) endorsed a regulatory framework for crypto assets, said the central bank.
The committee tasked with fighting money laundering has the Central Bank of the UAE as one of its members. On Wednesday, it announced,
“The adoption of a regulatory framework for virtual assets in the UAE, concordant with approved anti-money laundering and combating the financing of terrorism standards.”
The statement said that both the Gulf state's central bank and the Securities and Commodities Authority (SCA) had been tasked with overseeing the implementation of the rules.
The central bank of the UAE further said that this regulatory framework is just “an initial step in providing comprehensive regulation of virtual assets” and to safeguard the investors and financial system from the risks of money laundering and terrorist financing.