UAE Capital Markets Authority

The UAE Capital Markets Authority is a federal public authority established by Federal Decree-Law No. 32 of 2025 to replace the Securities and Commodities Authority as the primary federal regulator for capital markets and virtual assets in the United Arab Emirates. The CMA holds broad executive and regulatory powers reporting directly to the UAE Cabinet and, crucially, has extraterritorial reach — its framework under Federal Decree-Law No. 33 of 2025 applies to any entity targeting UAE clients, regardless of whether they operate from inside the country or from a financial free zone. Under the new framework, no virtual asset can be traded in the UAE unless it is on the CMA's official approved list, giving the authority de facto veto power over which assets can be traded even on VARA-licensed platforms. Example: In August 2025, the CMA and VARA signed a cooperation agreement establishing mutual recognition of VASP licenses, joint application review, and coordinated enforcement — meaning a VARA license in Dubai now grants automatic CMA registration for UAE-wide operation, while firms in other emirates license directly with the CMA. Why it matters for crypto regulation: The CMA's creation consolidates what was previously a fragmented multi-regulator landscape into a clearer federal hierarchy, with VARA, ADGM, and DIFC retaining emirate-level authority under a unified federal framework — bringing the UAE closer to the single-regulator model that institutional investors prefer.

Category: regulatory frameworks, compliance

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