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Dubai and the UAE coordinate encryption framework under the new partnership.
[Dubai and UAE coordinate crypto framework under new partnership] The United Arab Emirates (UAE) has made significant strides in coordinating regulatory approaches to Crypto Assets. The UAE Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (VARA) have announced the establishment of a strategic partnership to unify the UAE's Crypto Assets regulatory approach. The two parties will achieve mutual recognition of Virtual Asset Service Provider (VASP) licenses; however, this does not equate to automatic passage, as compliance reviews such as Anti-Money Laundering (AML/CFT) will still be required. The new mechanism includes unified sign up, real-time data sharing, joint regulation, and a legislative review committee, aimed at streamlining the approval process and enhancing the UAE's competitiveness in the global Crypto regulatory landscape.