SCA Is Now the CMA: What the 2026 Change Means for Crypto Firms
On 1 January 2026 the UAE's Securities and Commodities Authority became the Capital Market Authority. What changed for crypto and securities firms.
The UAE's federal capital markets regulator has a new name and a broader mandate. On 1 January 2026 the Securities and Commodities Authority (SCA) was replaced by the Capital Market Authority (CMA). For crypto businesses, this is more than a rebrand.
What happened
Federal Decree-Law No. 32 of 2025 established the Capital Market Authority as the legal successor to the SCA, taking over all of its rights, obligations and contracts. A companion law, Federal Decree-Law No. 33 of 2025, sets out the new framework for regulating the capital market. Both came into force on 1 January 2026.
Why it matters for virtual assets
Under the new framework, virtual assets used for investment purposes are treated as financial products within the CMA's competence. In practice this brings a large part of the crypto market firmly inside the federal capital markets perimeter. VARA continues to regulate virtual assets in Dubai (outside the DIFC) under Cabinet Resolutions 111 and 112 of 2022, which the new law keeps in force, and ADGM and the DIFC keep their own regulators.
The CMA has also issued a new rulebook for virtual asset activities (CMA Decision No. 4/R.M/2026), covering licensing, conduct of business and trading venues, with transitional arrangements for existing firms.
Who should pay attention
- Firms previously licensed or registered with the SCA, which now need to meet the CMA's updated requirements
- Virtual asset businesses based onshore outside Dubai
- Firms licensed in a free zone that serve clients across mainland UAE
- Platforms for tokenised securities or virtual asset trading
What to do now
Start with a gap analysis: compare your current policies, governance, technology controls and client documentation against the CMA's new rules. Check whether your activities and client base bring you inside the CMA's scope, even if you hold a licence from another UAE regulator. And watch the transition deadlines, because they are already running.
Key takeaways
- The CMA replaced the SCA on 1 January 2026 under Federal Decree-Law No. 32 of 2025.
- Virtual assets for investment are now clearly within federal scope, outside Dubai.
- Existing firms should run a gap analysis against the new CMA rules.
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This article is general information, not legal advice. Regulatory requirements change; confirm current rules with the relevant regulator.