United

Rule

Read

The United Arab Emirates, through its Financial Services Regulatory Authority (FSRA), has taken a decisive step in fortifying its financial regulatory landscape. On December 21, the FSRA <a href="https://www.adgm.com/media/announcements/adgm-fsra-announces-revisions-to-its-aml-and-sanctions-rules-and-guidance" rel="noopener noreferrer nofollow">revised</a> its Anti-Money Laundering and Sanctions Rules and Guidance. This update notably integrates crucial changes concerning digital assets, aligning with the Financial Action Task Force’s (FATF) Travel Rule.
<h2 id="specifics-of-the-revision">Specifics of the Revision</h2>
This revision is a significant stride in tightening controls over digital asset transactions. Ali Jamal, CEO of Cryptos Consultancy, highlights that the key amendments primarily focus on wire transfers. The FATF’s Travel Rule now explicitly <a href="https://coingape.com/breaking-turkey-crypto-legal-overhaul-to-exit-fatf-grey-list/" rel="noopener noreferrer nofollow">applies</a> to digital assets, marking a pivotal change for entities governed by the AML Rulebook. This includes not only financial institutions but also designated non-financial businesses and professions.
These changes aim to augment clarity and <a href="https://coingape.com/uae-central-bank-issues-aml-guidelines-for-crypto-and-nfts/" rel="noopener noreferrer nofollow">consistency</a> with the UAE’s comprehensive federal regulatory framework. The goal is to combat money laundering, terrorism financing, and proliferation financing more effectively. Adherence to targeted financial sanctions is also a critical aspect of this overhaul.
<h2 id="digital-assets-under-regulatory-purview">Digital Assets Under Regulatory Purview</h2>
Further, the amendments delineate digital assets as a recognized payment method. This inclusion reflects the FSRA’s commitment to acknowledging the evolving nature of financial transactions. The document specifically mentions that payments involving virtual assets fall within the scope of these regulations.
<h2 id="uae-s-progressive-stance-on-crypto-regulation">UAE’s Progressive Stance on Crypto Regulation</h2>
The UAE’s progressive <a href="https://coingape.com/hong-kong-uae-crypto-regulation/" rel="noopener noreferrer nofollow">approach</a> to cryptocurrency regulations is noteworthy. A December 2023 report by PwC underscores the country’s forward-thinking stance. The UAE has embraced a crypto regulatory framework and AML regulations compliant with the Travel Rule and is advancing towards finalizing stablecoin laws.
Read Also: <a href="https://coingape.com/will-etf-herald-a-revival-or-pose-risks-on-bitcoin-liquidity/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Will ETFs Herald a Revival Or Pose Risks On Bitcoin’s Liquidity?</a>
The post <a href="https://coingape.com/crypto-regulations-advance-in-uae-with-revised-aml-rules/" rel="noopener noreferrer nofollow">Crypto Regulations Advance in UAE with Revised AML Rules</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Regulations Advance in UAE with Revised AML Rules

Table of Contents

Coingape News Media

Other articles published on Dec 21, 2023

Google-Backed Anthropic Seeks Millions In Funding Contesting OpenAI’s AI Dominance

Vitalik Buterin Sells Trillions of Meme Tokens in a Major Move

U.S. Appeals Court Finalizes Seizure of 69,370 Bitcoin From Silk Road

BNB Chain Launches Content Campaign, Offering $10K in Rewards For Creative Technical opBNB Content

Polkadot’s Polkastarter (POLS) Surges 15% as Price Resumes Journey to Previous All-Time High: Her...

Will ETFs Revitalize the Market or Create Liquidity Issues for Bitcoin?

Join our free newsletter for daily crypto updates!