United Arab Emirates: Implemented UAE Cabinet Resolution Concerning the Regulation of Virtual Assets and their Service Providers (VASP)

On 14 January 2023, the United Arab Emirates (UAE) Cabinet Resolution No. (111) of 2022 Concerning the Regulation of Virtual Assets and their Service Providers came into effect. The regulation requires virtual asset providers to obtain a license from the Securities and Commodities Authority (SCA) or a local licensing authority in order to engage in certain regulated activities related to virtual assets. The regulation outlines a list of virtual asset activities requiring a license, including the provision of virtual asset platform operation and management services, the provision of brokerage services in trading operations in virtual assets, and the provision of Virtual Asset custody, management, and control services, among others.