{"id":582491,"date":"2023-05-31T16:32:49","date_gmt":"2023-05-31T15:32:49","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582491"},"modified":"2023-05-31T17:00:58","modified_gmt":"2023-05-31T16:00:58","slug":"uae-crypto-oversight-aml-ctf-rules","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/uae-crypto-oversight-aml-ctf-rules\/","title":{"rendered":"UAE Strengthens Crypto Oversight With AML\/CTF Rules, Policymakers Talk With Hong Kong Regulators"},"content":{"rendered":"\n
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On May 31, the United Arab Emirates (UAE) Central Bank announced new guidance for anti-money laundering (AML) and counter-terrorism financing (CTF) set to take effect next month, per Reuters<\/a>.<\/p>\n\n\n\n New rules from the apex bank come amid a push from the Emirates toward attracting crypto businesses looking to expand and tap new markets. Local policymakers also met with companies like Coinbase to discuss regulatory matters. <\/p>\n\n\n\n According to a statement on Wednesday, the new guidance treats the risks associated with handling cryptocurrencies and digital assets like NFTs. The framework will provide needed oversight for institutions when doing business with digital asset service providers like exchanges. Customer and counterparty relationships will also fall under the purview of the newly issued guidance. <\/p>\n\n\n\n The new guidance related to the virtual assets sector contributes to strengthening the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism.<\/p>– Governor of the CBUAE, Khaled Mohamed Balama.<\/cite><\/blockquote>\n\n\n\n Governor Balam further remarked that the new rules will align the Emirati’s policies with international standards set by the Financial Action Task Force (FATF). The FATF listed the UAE in its “grey list” of areas that needed to upgrade their AML and CTF systems back in March 2022. <\/p>\n\n\n\nHong Kong And UAE Policymakers Discuss Crypto Rules<\/h2>\n\n\n\n