UAE SCA and Dubai VARA reach crypto regulatory cooperation to promote mutual recognition of licenses

PANews reported on August 7th that, according to Cointelegraph , the UAE Securities and Commodities Authority ( SCA ) and the Dubai Virtual Asset Regulatory Authority ( VARA ) announced a strategic partnership to unify the national crypto regulatory framework. The two sides will mutually recognize Virtual Asset Service Provider ( VASP ) licenses, but this does not automatically translate into automatic approval; VARA still needs to undergo compliance reviews, including those related to anti-money laundering ( AML/CFT ). The new mechanism, which includes unified registration, real-time data sharing, and a joint supervisory and legislative review committee, aims to streamline the approval process and enhance the UAE's competitiveness in the global crypto regulatory landscape.