As the world’s first independent regulator for virtual assets, VARA serves as a transparent and trusted guiding authority for the emerging world of Virtual Assets. VARA aims to take its mission global by creating an easy to replicate framework to regulate the industry.
Leveraging expertise from global experts and organisations and collaborating with relevant local financial regulatory authorities, VARA is helping to mitigate risk and facilitate cross-border operations and innovation to enable safe market adoption and growth.
VARA is the world’s first, tailor-made Virtual Asset regime, and as such, its Full Market Product (FMP) Regulations are designed to specifically cater for the provision of permissible activities and services to customers and investors, from the Emirate of Dubai. With bespoke rules and guidelines designed to provide clarity, assure certainty, and mitigate market risks, VARA seeks to develop a model framework for global economic sustainability within an innovation-centric environment that is truly borderless, technology agnostic, and future-focused.
VARA's Virtual Assets regulatory framework is focused on the risks that each Virtual Asset activity presents to the market, and seeks to provide VASPs with a clear framework of rules which apply to their particular operations and business models, while maintaining a baseline market standard of compliance across core regulatory domains.
VASPs who fulfil VARA's licensing requirements will be required to comply with four Compulsory Rulebooks [Company, Compliance & Risk Management, Technology & Information, and Market Conduct]. In addition, seven activity-specific Rulebooks have been developed to cater for risks associated with the provision of each Virtual Asset activity [Advisory, Broker-Dealer, Custody, Exchange, Lending & Borrowing, Payments & Remittances, and Management & Investment]. VASPs will only be required to comply with each activity Rulebook if they are licensed by VARA to offer the activity. VARA has also established rules for the Issuance of all Virtual Assets, as well as Virtual Asset Marketing activities.
Published on: 7 February 2023 pursuant to the final approval of the Board of Directors, in accordance with Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai.
VARA Regulations and Compulsory Rulebooks Virtual Assets and Related Activities Regulations 2023Company RulebookCompliance & Risk Management RulebookTechnology & Information Rulebook Market Conduct Rulebook
Other Rulebooks VA Issuance Rulebook
VARA reserves the right to modify, refine, adjust, and/or expand these Regulations on a regular basis at its sole and absolute discretion, to remain resilient and progressive in its ability to address emerging and continually evolving developments across the global VA industry.
Note that businesses are not permitted to offer regulated virtual assets services or activities in Dubai without receiving VARA approval or no objection.
Crypto.com, trusted by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, confirmed today that it has received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). …
Hex Trust has officially launched its operations in Dubai after receiving the MVP Operational Licence from Dubai’s Virtual Asset Regulatory Authority (VARA), after having received its MVP Preparatory Licence in November 2022. …
The custom framework is structured to be agile in its ability to drive secure, and sustainable ‘global’ market growth …
Dubai prides itself on being a progressive market, open to the use of new technologies and innovation. With the release of the Dubai Blockchain Strategy in 2016 and the Dubai Metaverse Strategy in 2022 – Dubai has set itself years ahead in welcoming the Virtual Asset Industry.
With initiatives like the Unified Business Registry Platform [UBR] and the UAE Centre for the Fourth Industrial Revolution [C4IR UAE], Dubai is leading the way in implementing crypto projects to activate breakthrough growth & innovation in key sectors like real-estate, governance, logistics, metaverse, and fintech.
If you have any questions or are interested in learning more about VARA, please fill out the form below and a member of our team will respond to you as quickly as possible.