The Central Bank of the UAE (CBUAE) in a press release announced that it has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for Licensed Financial Institutions (LFIs),  banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers as well as setting clear descriptions of virtual assets and Virtual asset service providers business models.  His Excellency Khaled Mohamed Balama, Governor of the CBUAE, stated, “The new guidance related to the virtual assets sector contribute to strengthening the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism. We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintai...

  During a discussion panel at the Youth Center in Muscat Oman, the Oman Central Bank governor Tahir Bin Salim Al Amri stated that the Central Bank of Oman along with many other central banks globally do not recognize crypto as currencies. He stated, “It is not a means of payment it is a commodity or an asset of some sort that is being traded mainly for capital gains.” He also noted that while the Central Bank of Oman is keeping an open mind while maintaining caution because of the risky nature of crypto assets. This month the Oman Capital Authority announced that it would be launching its virtual asset framework. Commenting on this the governor Al Amri stated that they were part of the creation of the framework.   He also noted that the Central Bank of Oman was in the process of developing its CBDC ( Central Bank Digital Currency), with a final decision expected to be announced at the end of 2023. The proposed new regulatory framework is envisaged to cover activities s...

  Dubai’s Virtual Asset Regulatory Authority (VARA), with the commencement of its Minimum Viable Product (MVP) Phase, has announced Regulatory Guidelines on Marketing, Advertising and Promotions of VA across the Emirate of Dubai. The new VARA regulations specifically address marketing and communications activities, ahead of operationalizing the MVP licensees so that any mass-market information dissemination and consumer solicitation are designed to safeguard community interests. Regulations on Marketing, Advertising and Promotions of Virtual Assets cover all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation. VARA rules extend to VA related communications by any entity leveraging Dubai-based media sites, search platforms, and online or off-line publishing channels that explicitly target customers within the Dubai market, establishing guardrails on permissible audience...

Abu Dhabi has launched the Abu Dhabi blockchain and virtual assets committee. The Abu Dhabi Blockchain and Virtual Assets Committee is comprised of representatives of major entities and stakeholders active in this field including Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority, Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, Faisal Al Hammadi, Executive Director Incubation at ADQ, H.E. Mohamed Jameel Al Ramahi , CEO of Masdar, Dr. Nikolas Meitanis , Advisor at Masdar CEO Office,   Ibrahim Ajami, Head of Ventures and Growth at Mubadala, Eng. Abdulla Al Shamsi, Director General of Abu Dhabi Investment Office (ADIO), and   H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA). During the first meeting of the committee, under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED...