The United Arab Emirates (UAE) announced that it will impose criminal sanctions on cryptocurrency organizations operating without a license.
While global regulations for the cryptocurrency industry have gained momentum, another move came from the United Arab Emirates. Central Bank of the United Arab Emirates (CBUAE) and the Committee to Combat Money Laundering, the Financing of Terrorism and the Financing of Unlawful Organizations (NAMLCFTC) cryptocurrency companies operating in the country (VASP) for new One guide published.
Red flag defined as and 6 November This guide, published on , is subject to jurisdiction operating without appropriate licenses to cryptocurrency companies legal And material penalties It was stated that it would be given.
Central banks and regulatory bodies, especially international money laundering And terrorist financing He pointed out that cryptocurrency companies will need to report customer activities in order to prevent such operations.
In the guide provided, stock exchanges unrealistic promises, poor communication, regulator your statements lack It was emphasized that one should be careful about such matters.
On the other hand, it is noted in the guide that they are open to reports against unlicensed cryptocurrency companies:
Any information regarding unlicensed virtual asset activities may be reported through reporting mechanisms to assist regulatory authorities in their efforts to enforce the law and protect the UAE financial system.
NAMLCFTC president Khaled Mohamed balama In his press release on the subject, he stated that such a step was necessary in response to the rapidly growing cryptocurrency ecosystem:
The cryptocurrency industry is now more accessible and growing rapidly. As the cryptocurrency economy has matured, efforts to combat all forms of financial crime have increased. Such guidelines ensure the integrity of the financial system in the UAE.