UAE Cabinet Decision No. 111/2022 establishes a regulatory framework for virtual assets and virtual asset service providers (VASPs) within the UAE. It defines key terms such as virtual assets, virtual asset activities, and VASPs, outlining the scope of regulation. The decision aims to regulate the provision of virtual asset services and related transactions within the UAE.
Key requirements
- Licensing is required for engaging in virtual asset activities within the UAE.
- Virtual Asset Platform Operators must be licensed by the Authority.
- VASPs are defined as legal persons engaging in activities related to virtual assets for or on behalf of a person.
- Virtual Asset Platforms are defined as digital platforms for listing, trading, and transferring ownership of Virtual Assets.
Applies to: Virtual Asset Service Providers (VASPs) operating within the UAE, including Virtual Asset Platform Operators, brokers, and custodians.