The new laws
Federal Decree-Law No. 32 of 2025 concerning the Capital Market Authority and Federal Decree-Law No. 33 of 2025 concerning the regulation of the capital market took effect on 1 January 2026. They repeal Federal Law No. 4 of 2000, under which the Emirates Securities and Commodities Authority was established, and reconstitute the authority as the Capital Market Authority (CMA).
What changes
- Virtual assets are included in the definition of financial products under the federal capital markets law. Trading a virtual asset in the UAE is prohibited unless it has been admitted to the official list of a platform operator licensed by the CMA and registered with the CMA.
- The CMA has wider powers, including in relation to systemically important persons, early intervention and resolution, and conciliation before criminal proceedings are brought.
- Persons within the scope of the new laws have one year from their entry into force, until 1 January 2027, to regularise their status, subject to any extension granted by the CMA's board.
The financial free zones
Activities conducted exclusively within the financial free zones, the Dubai International Financial Centre and Abu Dhabi Global Market, remain outside the scope of the capital markets law. Firms in those zones continue to be regulated by the DFSA and the FSRA. The law applies to issuers incorporated in the free zones when they offer or trade securities in the wider UAE. In Dubai, virtual asset service providers outside the DIFC are licensed by VARA, and firms should confirm how the new federal provisions on virtual assets apply to their activities.
What firms should do
Firms licensed by the former SCA should update their documents and client materials to refer to the CMA, and assess before 1 January 2027 whether the expanded scope of the law affects their activities or their licence.
How we can help
We act on applications to the DFSA, the FSRA, VARA and the Central Bank of the UAE. See the United Arab Emirates, or speak to us.
Sources
Federal Decree-Law No. 32 of 2025 and Federal Decree-Law No. 33 of 2025, in force 1 January 2026. Checked 27 September 2026.