Crypto companies wishing to offer services in the United Arab Emirates (UAE) can now apply to the country's securities regulator for a license. The UAE's Securities and Commodities Authority (SCA) has announced that it has officially started accepting applications from Virtual Asset Service Providers (VASPs). All companies, except those already licensed in financial-free zones, must apply to obtain a license from the SCA. However, all companies operating in Dubai are also required to obtain a license from the city's Virtual Assets Regulatory Authority (VARA).
In Jan., UAE-based blockchain lawyer Irina Heaver told Cointelegraph that companies that choose to operate illegally in the country could face fines of up to 10M AED ($2.7M), as well as criminal charges.
