UAE SCA establishes strategic cooperation with Dubai VARA to achieve mutual recognition of national licenses

ChainCatcher news, according to Cointelegraph, the UAE Securities and Commodities Authority (SCA) has officially established a strategic partnership with the Dubai Virtual Assets Regulatory Authority (VARA) to coordinate and unify the cryptocurrency regulatory framework in the UAE.

According to the agreement, both parties will implement a mutual recognition mechanism for Virtual Asset Service Provider (VASP) licenses, but companies will still need to undergo compliance reviews such as anti-money laundering assessments. This collaboration simplifies the national business operation process for enterprises, and the SCA has also established a special committee to work with VARA to improve regulatory regulations, marking a key step for the UAE towards becoming a global leader in crypto governance. VARA emphasized that this cooperation is the beginning of broader national regulatory coordination and will promote cross-border regulatory interoperability with institutions such as the Abu Dhabi Global Market in the future.