The United Arab Emirates Federal Financial Institutions Group Securities and Commodities Authority (SCA) and Dubai's crypto regulator, the Virtual Asset Regulatory Authority (VARA), have announced an agreement that will allow virtual asset service providers (VASPs) in the country to monitor each other. Under the agreement, VASPs operating in Dubai and wishing to be licensed by VARA "can be registered with SCA by default to provide services to the wider UAE". However, SCA clarified that VASPs wishing to operate in emirates outside Dubai would still have to be licensed by the regulator. The announcement explains that the agreement covers mechanisms for cryptocurrency providers to monitor each other. This includes penalties and fines, information exchange, and cooperation in employee training.