Arab News, 17 February 2022: According to media reports, the UAE authorities are preparing to issue federal licences to Virtual Asset Service Providers by the end of the first quarter of this year.

They will be issued to attract key players in this field to the country.

The Securities and Commodities Authority is in the final stages of amending legislation to allow Virtual Asset Service Providers to set up.

They will be responsible for regulatory oversight of these companies but will work with the country’s Central Bank.

Local financial centres will be able to establish their own day-to-day licensing procedures.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.