The Securities and Commodities Authority (SCA) signed a cooperation agreement with Dubai’s Virtual Assets Regulatory Authority (VARA) to bolster the UAE’s position as a leading global hub for virtual assets, in alignment with the ‘The Principles of the 50’ and the government’s visionary aspirations to build the world’s best and most dynamic economy.
“We strive to establish effective frameworks in cooperation with our partners to foster the growth and stability of the virtual assets sector in the UAE, thus ensuring the enforcement of anti-money laundering legislation and bolstering confidence in the UAE’s investment ecosystem,” HE Mohamed Ali Al Shorafa.
HE Al Shorafa stressed on the importance of cooperation between different regulatory authorities across the nation to attract global businesses and organisations to operate within its dynamic financial sectors, including that of virtual assets. He indicated that investing in virtual assets continues to see substantial interest and exponential growth, which required joint efforts to build unified and effective frameworks that promote sustainable development and bring stability to this vital sector.