Cabinet Decision No. 99/2024 On the Violations and Administrative Penalties for Actions that Occur in Breach of the Provisions of Cabinet Decision No. 111/2022 on the Regulation of Virtual Assets and their Service Providers

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The Council of Ministers

Pursuant to the perusal of the Constitution;

Federal Law No. 4/2000 on the UAE Securities and Commodities Authority and Market, and its amendments;

Cabinet Decision No. 111/2022 on the Regulation of Virtual Assets and their Service Providers; and

Acting upon the proposal of the Minister of Finance, and the approval of the Council of Ministers,

Hereby decided the following:

Article 1 - Definitions

For the purposes of this Decision, the following terms and expressions shall have the meanings assigned against each, unless the context requires otherwise:

State: The State of the United Arab Emirates.

Authority: The Securities and Commodities Authority.

Chairman: The Chairman of the Board of Directors of the Authority.

Local Licensing Authority: The local authority with competence to regulate Virtual Assets in the concerned Emirate.

Cabinet Decision: Cabinet Decision No. 111/2022 on the Regulation of Virtual Assets and their Service Providers.