UAE anti-money laundering agency recognizes virtual asset framework

A United Arab Emirates committee responsible for combating money laundering approved a regulatory framework Virtual assets, The Central Bank of the Gulf States said on Wednesday.

The National Committee to Combat Money Laundering and the Financing of Terrorism and Illegal Organizations has “announced the adoption of a virtual asset regulatory framework” UAE, In line with approval Anti-money laundering And the standards for combating the financing of terrorism,” the central bank, which is a member of the committee, said in a statement.

Central Bank and Securities and Commodities Administration The statement said that their task is to supervise the implementation of the rules.

“This regulatory framework is the first step in providing comprehensive supervision of virtual assets and protecting the financial system and investors from money laundering and terrorist financing risks,” it said.

In 2019, the Financial Crime Supervision Bureau Financial Action Task Force, Announced that cryptocurrency companies will abide by the rules to prevent the abuse of digital currencies such as Bitcoin for money laundering. This is the first global regulatory attempt to limit a rapidly growing industry.