Articles

The UAE’s New VASP Framework: A Comprehensive Revision of the CMA’s Regulations

KEY TAKEAWAYS The CMA has introduced a unified and comprehensive licensing regime for VASPs, requiring firms to clearly map their business models to specific regulated activities.

Dubai’s Derivatives Framework: VARA is now open for Crypto Futures, Perps, Options and CFDs

KEY TAKEAWAYS  Exchange Traded Derivative Services require explicit VARA authorisation in the licence; they are not automatic for Exchange Services licensees.  Retail clients face

Function Over Form: What the UAE’s New CBUAE Law Means for Fintech, DeFi and Technology Providers

KEY TAKEAWAYS Federal Decree-Law No. (6) of 2025 repeals the 2018 Central Bank Law and the 2023 Insurance Decree-Law, consolidating banking, payments, and insurance regulation under a

IEMS and VASPs: VARAs’ Next Step in AML Enforcement

KEY TAKEAWAYS In May 2025, VARA mandated all VASPs to be fully registered and responsive on the FIU’s Integrated Enquiry Management System (“IEMS”) portal. The IEMS platform will

What VARA’s Latest Circular Means for VASPs: Integrating the UAE’s National Risk Assessment into Practice

KEY TAKEWAYS The UAE’s second National Risk Assessment (NRA), published in April 2025, identifies virtual assets as a high-risk sector alongside banking, real estate, and precious

The New UAE AML Law 2025: Key Amendments and Compliance Obligations for VASPs

KEY TAKEAWAYS The New AML Law replaces the 2018 framework, retaining existing regulations where consistent while broadening the statutory base. Predicate crimes now include

When Code Becomes Conduct: What the Tornado Cash Verdict Means for DeFi

KEY TAKEAWAYS Roman Storm was convicted only for operating an unlicensed money transmitting business, with the jury split on money laundering and sanctions charges. The case signals

SEC-CFTC Joint Staff Statement: A New Horizon for Spot Crypto Trading

KEY TAKEAWAYS In September 2025, the United States Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) issued a coordinated joint staff

On-Chain and Enforceable: The SCA’s Tokenization Framework

KEY TAKEAWAYS The regulation applies strictly to tokenised securities and derivatives, excluding most virtual assets and real-world assets (RWAs) unless structured as securities.

Resetting the Rules: Hong Kong’s New Proposed Regulation for Virtual Assets

KEY TAKEAWAYS Regulators in Hong Kong i.e. the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) have released consultation papers