United Arab Emirates vs San Marino
Crypto regulation comparison
United Arab Emirates
San Marino
Legal
Legal
The UAE has become a global crypto hub with multiple regulatory frameworks. Dubai's VARA (Virtual Assets Regulatory Authority), established in 2022, is the world's first dedicated crypto regulator and licenses exchanges, brokers, and other VASPs. Abu Dhabi's ADGM regulates crypto through the FSRA. The federal SCA also oversees crypto at the national level. The UAE has no personal income or capital gains tax. Major global exchanges (Binance, Bybit, OKX, Crypto.com) have obtained UAE licenses.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
None
Tax Type
Unclear
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
VARA (Dubai), ADGM/FSRA (Abu Dhabi), SCA (Federal), CBUAE
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
VARA regulates stablecoins in Dubai; ADGM has separate framework
Stablecoin Rules
No specific stablecoin regulation
Key Points
- VARA (Dubai) — world's first standalone virtual asset regulator; comprehensive licensing framework
- ADGM/FSRA (Abu Dhabi) — separate regulatory framework for digital assets in the financial free zone
- No personal income tax or capital gains tax in the UAE
- 9% corporate tax (from 2023) may apply to crypto businesses but not individual investors
- Major exchanges licensed: Binance, Bybit, OKX, Crypto.com, BitOasis
Key Points
- Delegated Decree on blockchain technology entities issued
- Licenses issued for blockchain-based businesses
- AIF provides regulatory oversight
- Small jurisdiction working to attract blockchain companies
- Developing comprehensive digital asset regulation