This document presents Joint Guidance for addressing the use of unlicensed virtual asset service providers in the United Arab Emirates. The guidance is in line with the Financial Action Task Force’s updated recommendations on a risk-based approach to virtual assets and service providers. It specifically focuses on the treatment of unlicensed virtual asset providers.
This Joint Guidance is issued in accordance with the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation, including Federal Decree No. 20 of 2018, as amended by Federal Decree No. 26 of 2021. The guidance draws authority from various entities, including the Central Bank of the UAE, the Dubai Financial Services Authority, the Financial Services Regulatory Authority, the Securities and Commodities Authority, and the Ministries of Justice and Economy. Additionally, it takes into account Dubai Law No. (4) of 2022, which regulates virtual assets in the Emirate of Dubai.
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By FCCT Editorial Team
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