UAE decided to fight money laundering introducing new rules.
On May 31, the Central Bank of the United Arab Emirates (CBUAE) published a 44 pages document for LFIs which describes in detail how users have to fight money laundering and terrorism for banking institutions.
“LFIs” are all the non-crypto financial institutions that are connected to virtual asset providers.
LFIs are for example banks, finance companies, payment service provides…
UAE established that LFIs have to submit a request to the central bank if they want to collaborate with any VASPs. Without license, every collaboration is forbidden.
SOURCE: COINTELEGRAPH
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Chiara Chiommino is a graduating student in science of communication with work’s experience in social media marketing and web marketing as Brand Manager for Italian Cigar Group SRL. She took part in an internship experience entitled "Il Metaverso" in Italy.