UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit – Regulation Bitcoin News
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The United Arab Emirates (UAE) has recently announced that no virtual asset service provider has been granted an operating permit. This news comes as a surprise to many in the cryptocurrency industry, as the country has been seen as a leader in embracing blockchain technology.
The news was announced by the UAE’s Securities and Commodities Authority (SCA) in a statement on their website. The SCA stated that “no virtual asset service provider has been granted an operating permit” and that “all existing virtual asset service providers are operating without the necessary authorization from the SCA.” This means that any virtual asset service provider operating in the UAE is doing so without the regulatory approval of the SCA.
The SCA has also warned potential investors to be wary of any virtual asset service providers operating in the UAE without the necessary authorization. The SCA has stated that these providers may be operating illegally and that investors should be aware of the risks associated with investing in such entities.
The news is a blow to those hoping to see the UAE become a hub for cryptocurrency trading and other related activities. The UAE has been seen as a leader in embracing blockchain technology and had been making moves to become a major player in the global crypto economy.
However, this announcement shows that the UAE is not yet ready to fully embrace the cryptocurrency industry. It is likely that the country will continue to monitor the industry and may eventually grant operating permits to virtual asset service providers. Until then, investors should be aware of the risks associated with investing in such entities.
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