Find a CMA Securities Regulation (formerly SCA) Lawyer

As of January 1, 2026, the UAE’s Securities and Commodities Authority was restructured into the Capital Markets Authority, known as the CMA, a change that involved more than a new name.

This restructuring expanded the regulator’s reach significantly, including introducing a comprehensive new federal framework for virtual assets with a broader set of licensed activity categories than existed previously.

For businesses that were already familiar with SCA rules, or are researching UAE securities regulation, understanding this transition and its practical implications is an important first step.

A lawyer with genuinely current knowledge of the CMA’s post-restructuring framework is essential given how recently, and substantially, this regulatory landscape has changed.

Launching an investment product, security token offering, or other CMA-regulated financial activity at the federal UAE level is a direct reason to need guidance on this framework.

Operating an existing business that may fall within the CMA’s expanded post-2026 scope, even if it didn’t clearly fall under the previous SCA framework, warrants a proactive compliance review.

Structuring a token or digital asset product with investment characteristics raises important classification questions relevant to CMA regulation specifically.

Businesses operating across multiple UAE regulatory frameworks, potentially involving both VARA and the CMA, benefit from guidance on how these frameworks interact for their specific activities.

Securities and investment token classification, determining whether a specific product or token falls within CMA-regulated categories.

CMA licensing applications, covering the process for businesses conducting CMA-regulated financial activities.

Capital markets compliance, addressing ongoing obligations for businesses operating within CMA’s regulatory scope.

Multi-regulator coordination, addressing situations where a business may need to navigate both CMA and VARA, or other UAE regulatory frameworks.

Transition guidance, helping existing businesses understand how the 2026 SCA-to-CMA restructuring affects their compliance position.

LEXNOVA is not a law firm and does not provide legal advice. Legal Connect exists to help you describe your CMA-related needs clearly, then explore potentially suitable legal professionals from our network.

We consider factors like your specific business activity, whether it involves securities, investment tokens, or another CMA-regulated category, and any overlap with other UAE regulatory frameworks.

Every potential match involves human review before an introduction is made, this area requires genuinely current regulatory knowledge given how recently the framework changed.

Once we identify potentially suitable professionals, we help facilitate an introduction, from there the lawyer can properly assess your specific business against the current CMA framework.

The CMA operates at the federal level, meaning its authority extends across the UAE, addressing securities and investment token regulation regardless of which emirate a business operates in.

VARA, by contrast, is specifically Dubai’s regulator for virtual asset activity within the emirate, excluding the DIFC, a genuinely distinct scope from the CMA’s federal securities focus.

For certain virtual asset businesses, particularly those involving investment-characteristic tokens, both CMA and VARA requirements may potentially be relevant, depending on the specific activity.

Understanding which regulator, or regulators, apply to your specific business is a foundational step that a lawyer with current knowledge of both frameworks can help clarify.

Following the 2026 restructuring, the CMA introduced a significantly expanded framework for virtual assets, moving from a narrower set of regulated categories to a more comprehensive licensing structure.

This framework operates alongside existing regulatory regimes rather than replacing them, meaning businesses need to understand how the CMA’s rules interact with VARA, DFSA, FSRA, and Central Bank frameworks as relevant to their specific activities.

The expanded framework reflects the UAE’s broader effort to bring federal-level clarity and oversight to virtual asset activities that have investment or securities characteristics.

Given how recently this framework was introduced, businesses should seek guidance from lawyers with genuinely current, verified knowledge of the specific requirements now in place.

Determining whether a specific token or digital asset falls within CMA-regulated categories depends on its underlying structure, the rights it grants, and how it’s marketed and used.

This classification exercise is genuinely nuanced, a token with characteristics resembling a traditional security is treated differently than one functioning purely as a utility or payment token.

Getting this classification right from the outset affects which regulatory framework, if any, applies to your specific product, with meaningful compliance implications either way.

A lawyer with genuine experience in this area can help you assess your specific token’s classification and the resulting regulatory obligations.

The process typically begins with a careful assessment of your specific business activity or product against the CMA’s current regulated categories.

Where CMA authorization or licensing is required, this generally involves preparing documentation covering your business structure, governance, and compliance framework.

Given the framework’s recent expansion, the process may involve genuinely new considerations that a lawyer with current knowledge can help you navigate.

Throughout this process, understanding how CMA requirements interact with any other applicable UAE regulatory frameworks is an important, ongoing consideration.

Larger firms may bring more resources for complex, multi-regulator compliance situations involving significant institutional activity.

Independent lawyers with genuinely current CMA and broader UAE virtual asset regulatory knowledge can offer more direct, accessible guidance for many businesses.

Given how recently the CMA framework changed, prioritizing genuinely current, verified expertise matters more than firm size alone in this specific area.

This is a preference you can share through Legal Connect, and we’ll take it into account alongside the specific expertise your situation requires.

How current is their knowledge of the CMA’s post-2026 restructuring, given how recently and substantially this framework changed?

Can they clearly explain how CMA regulation interacts with VARA, DFSA, and FSRA for a business like yours?

What is their fee structure for assessing your specific compliance position or pursuing authorization?

These are reasonable questions any credible lawyer in this specialized area should answer clearly and confidently.

Fees vary considerably based on the complexity of your business activity and whether multiple regulatory frameworks are potentially relevant to your situation.

LEXNOVA does not set or control fees, this is communicated directly by each professional, and it’s reasonable to request a clear estimate before proceeding.

Given the genuinely novel nature of parts of the CMA’s expanded framework, an initial scoping conversation to understand your specific situation is often a worthwhile starting point.

A credible lawyer should be transparent about costs relative to the specific compliance work your business requires.

A lawyer who still refers only to "SCA" without acknowledging the 2026 restructuring to the CMA likely isn’t current on this rapidly evolved framework.

Confusion between CMA and VARA’s distinct scopes is a meaningful red flag given how important this distinction is for accurate compliance guidance.

Overly confident classification of your token or product without genuine analysis of its specific structure and rights is worth questioning.

Trust your own judgment, given how recently this framework changed, it’s entirely reasonable to seek a lawyer who demonstrates genuinely current, verified knowledge rather than outdated assumptions.