Regulatory Alerts2022-01-01
Cabinet Decision No. 112/2022 on Delegating Certain Competencies Related to Virtual Asset Regulation
The UAE Cabinet issued Decision No. 112/2022 to delegate core regulatory competencies from the Securities and Commodities Authority to the Dubai Virtual Assets Regulatory Authority (DVRA). The DVRA is now empowered to license, supervise, and enforce compliance for virtual asset service providers within Dubai and its free zones, including managing licensing fees, imposing penalties, and ensuring alignment with federal anti-money laundering and data protection laws. This framework establishes a coordinated oversight mechanism that mandates fee-sharing agreements while permitting the DVRA to issue complementary regulations without conflicting with existing federal directives.
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