The Financial Services Regulatory Authority (FSRA) in the United Arab Emirates has made updates to its Anti-Money Laundering and sanctions rules, specifically related to digital assets. The revisions, announced on December 21, include changes to provisions regarding digital assets within the Financial Action Task Force’s (FATF) Travel Rule. The updates aim to enforce the FATF’s Travel Rule on digital assets, impacting firms under the FSRA’s purview.
The revised document refines provisions related to wire transfers and explicitly defines digital assets as one of the existing payment methods. This holds relevance for authorized firms in the financial sector and designated non-financial businesses and professions. The changes aim to enhance clarity and alignment with the UAE’s regulatory framework against money laundering, terrorism financing, and proliferation financing, ensuring strict compliance with targeted financial sanctions.
According to a report by PwC, the UAE is considered one of the most progressive countries in adopting crypto regulations. The government has already implemented a crypto regulatory framework, AML regulations, and the Travel Rule, and is in the final stages of developing stablecoin laws.
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| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Ali Jamal |
| Companies | PwC, Financial Services Regulatory Authority (FSRA), Financial Action Task Force (FATF), Cryptos Consultancy |
| Currencies | None |
| Securities | None |
