Guidance for VASPs Issued by the Central Bank of the UAE
The Central Bank of the UAE and other regulators have issued joint guidance for virtual asset service providers (VASPs). The guidelines required all licensed financial institutions and VASPs to report transactions involving unlicensed VASPs, and they included a list of "Red Flags" for identifying suspicious VASPs.
Unlicensed VASPs could face civil and criminal penalties, while those willing to deal with them could also face law enforcement actions.
