UAE Central Bank Reveals AML/CFT Guidance For Crypto

UAE Central Bank revealed AML/CFT guidance for crypto. Check out the latest reports about this below.

This morning, the UAE Central Bank provided updated guidelines regarding anti-money laundering (AML) and countering financing of terrorism (CFT) measures for cryptocurrency businesses.

This guidance provides information on the potential dangers associated with interacting with virtual assets and virtual asset service providers (VASPs), based on the guidance of the Financial Action Task Force (FATF), a worldwide regulatory agency. These new regulations will take effect in a month’s time.

The decision will have an impact on Licensed Financial Institutions operating in the United Arab Emirates. This includes banks, finance companies, exchange houses, payment service providers, registered hawala providers, and insurance companies, as well as their agents and brokers.

US crypto exchange giant Coinbase is calling the United Arab Emirates (UAE) a possible key location for its planned expansion of global operations.

According to a new blog post, Coinbase CEO Brian Armstrong and more executives are meeting with UAE policymakers in Dubai as they consider expanding to the crypto-friendly region.

Coinbase stated the following:

“Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.”

As noted by the online pubcalition the Daily Hodl, the visit comes as Coinbase is engaged in a battle with the U.S. Securities and Exchange Commission (SEC).

“Coinbase recently received a Wells Notice from the SEC warning of a potential enforcement action against the company for alleged violation of securities laws,” the online publication noted.

The federal securities regulator in the United Arab Emirates (UAE) will start accepting applications from companies that are struggling to provide crypto services in the country, according to a Monday announcement.