The United Arab Emirates’ Financial Services Regulatory Authority (FSRA) has recently updated its Anti-Money Laundering (AML) and sanctions rules to include provisions for digital assets. This move aligns with the Financial Action Task Force’s (FATF) Travel Rule, which aims to increase transparency and reduce anonymity in cryptocurrency transactions. The updated rules require Virtual Asset Service Providers (VASPs) to collect and share transaction data, making it more difficult for illicit actors to exploit the system. The revisions also extend to non-financial businesses and professions, ensuring that all entities within the financial ecosystem are equipped to handle digital asset transactions securely and in compliance with global standards. Additionally, the amendments clarify the definition of digital assets and recognize them as a legitimate payment method, signaling greater acceptance and integration of digital currencies into the mainstream financial system. The UAE’s proactive approach to crypto regulation has attracted global businesses and talent, fostering an environment for innovation in the digital economy.

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Information	Details
Geography	Middle East
Countries
Sentiment	very positive
Relevance Score	1
People	None
Companies	Financial Services Regulatory Authority (FSRA), FSRA, Virtual Asset Service Providers (VASPs), Financial Action Task Force (FATF), FATF
Currencies	None
Securities	None