The United Arab Emirates’ Securities and Commodities Authority has started accepting applications from cryptocurrency businesses for operating licenses in the region. Digital asset companies wishing to pursue business in Dubai, one of the seven emirates of the UAE, need to acquire a license from Dubai’s Virtual Assets Regulatory Authority as well. Companies registered in the financial-free zones of the country are not required to apply for the two licenses. The UAE is offering financial incentives and independent regulatory frameworks to attract businesses, especially those in the financial sector. Dubai released its latest crypto regulatory framework in February to become a regional hub for the sector, and the Securities and Commodities Authority was assigned to supervise the digital asset industry. Some crypto firms, such as Crypto.com and Hex Trust, have already gained preparatory licenses, but Binance is still awaiting operational permission. (forkast)