The Securities and Commodities Authority (SCA) of the UAE and the Dubai Virtual Assets Regulatory Authority (VARA) announced the establishment of a strategic partnership to officially launch the unified process for the national virtual assets regulatory framework. According to the protocol, both parties will implement a unified registration mechanism for virtual asset service providers (VASP), mutual recognition of licenses, real-time data sharing, and a joint regulatory agreement, and will establish a legislative review committee to promote compliance standards aligned with international best practices. Both parties emphasized that mutual recognition of licenses does not equate to automatic passporting, and regulatory coordination mechanisms such as AML and compliance reviews are still required. (Cointelegraph)