UAE central bank to penalize unlicensed virtual asset service providers
UAE lawyer Irina Heaver explained that the new guidance is part of the UAE’s efforts to be removed from the Financial Action Task Force’s (FATF) “grey list.”
The Central Bank of the United Arab Emirates (CBUAE), along with other regulators in the country, has recently published new joint guidance for virtual asset service providers (VASPs) operating within the country. The new guidelines include penalties for VASPs operating without proper licenses within the jurisdiction.
The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), in collaboration with UAE supervisors, has issued guidance on combating the use of unlicensed virtual asset service providers, which is prepared by...