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UAE Central Bank Issues Rules for Virtual Assets to Curb Money Laundering

CryptoUAE Central Bank Issues Rules for Virtual Assets to Curb Money Laundering

The UAE central bank has released fresh guidelines for financial entities dealing with cryptocurrencies and NFTs, focusing on anti-money laundering and counter-terrorism financing measures. The regulations, influenced by FATF requirements, highlight due diligence for licensed financial institutions when engaging with virtual assets. Effective within a month, these rules cover banks, finance firms, exchange houses, payment providers, hawala services, and insurance agencies. UAE’s move follows its placement on FATF’s “grey” list in March 2022, prompting efforts to enhance cooperation and compliance.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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