On 12 December 2022, the UAE Government issued Cabinet Resolution No.111 of 2022 on the regulation of Virtual Assets and Service Providers (the VA Resolution, published in issue no.741 of the UAE Federal Gazette dated 15 December 2022) which comes into force on 14 January 2023 (30 days after publication). The main aim of the VA Resolution is to protect consumers, enhance the UAE regulatory framework applicable to the virtual asset sector, to regulate virtual asset activities and related service providers, and to ensure that virtual asset service providers (VASPs) are within the scope of the UAE AML legislation.
We have published a briefing note which sets out some of the main highlights of the VA Resolution, pending the publication of the English version.