العربية
A SINGULAR APPROACH TO REGULATION

The Virtual Assets Regulatory Authority (VARA) is the sole authority regulating virtual assets across Dubai.

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's Regulatory Objectives

To position Dubai as a regional and international hub for Virtual Assets and related services and to develop a digital economy in the city to boost its competitive edge locally and internationally.
To empower investors and increase awareness about Virtual Asset services and products and encourage innovation to promote real opportunity.
To promote the new world of Virtual Assets and attract investments and businesses to set up their base in the Emirate of Dubai.
To promote a shared responsibility in developing efficient and bespoke regulations for the protection of investors and to curb illegal practices in coordination with the concerned entities.
To develop the regulations, rules and standards required for regulating, supervising and overseeing Virtual Asset Platforms, Virtual Asset Service Providers and all other matters related to Virtual Assets.

IN COLLABORATION WITH:

REGISTERED PARTICIPANTS IN VARA'S SELECTIVE MVP PHASE:

The MVP Phase is in its readiness preparatory stage to allow for approved licensees to fulfil all pre-conditions required to undertake MVP market operations within the VARA Regime. As such, no MVP licensees are permitted to provide any regulated services/activities to their specifically authorised market segment(s) until after VARA’s operationalisation of the MVP Phase.
Note: VARA is following a developing matter involving the potential insolvency, and alleged fraudulent behaviour of an affiliate of a Virtual Assets Service Provider (VASP) licensed for participation in the MVP Phase. The situation has been, and will continue to remain closely monitored for latest updates to ensure that timely and substantive actions are taken within the Emirate of Dubai to protect investors and all market participants, backed by active enforcement of regulatory requirements relating to custody and segregation of client money; insurance and liquidity cover; and in general all aspects pertaining to market abuse prevention.


Market Notification


Allocated categories are subject to change based on approved licensing categories.

Dubai is the Virtual Asset hub for the world

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.

Crypto Market in MEASA
Khaleej Times
of Global Crypto Volumes by MEASA
Chainalysis
Offered Under the National Program for Coders
Dubai Media Office
of Crypto-related Events in Dubai Every Year
Dubai Government
Global Blockchain Council Launched
Dubai Future Foundation

VARA in the news

November 24th 2022

Hex Trust receives MVP Licence from Dubai’s Virtual Assets Regulatory Authority

Hex Trust, the leading fully licenced and insured provider of bank-grade custody and associated services for digital assets, has received the Minimum Viable Product (MVP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA). This follows the issuance of its provisional licence in June 2022.

November 21st 2022

Komainu Secures MVP Licence from Dubai’s Virtual Assets Regulatory Authority

Komainu (Custodian), a regulated digital asset custody provider built by institutions for institutions, has announced today that it has received the minimal viable product (MVP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).

September 20th 2022

Binance Secures MVP License from Dubai’s Virtual Assets Regulatory Authority

Binance, the leading global blockchain services provider, has announced today that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), following the issuance of its provisional license in March 2022.

Regulatory Guidelines downloads

The MVP Phase is in its readiness preparatory stage to allow for approved licensees to fulfil all pre-conditions required to undertake MVP market operations within the VARA Regime. As such, no MVP licensees are permitted to provide any regulated services/activities to their specifically authorised market segment(s) until after VARA’s operationalisation of the MVP Phase.
Note: VARA is following a developing matter involving the potential insolvency, and alleged fraudulent behaviour of an affiliate of a Virtual Assets Service Provider (VASP) licensed for participation in the MVP Phase. The situation has been, and will continue to remain closely monitored for latest updates to ensure that timely and substantive actions are taken within the Emirate of Dubai to protect investors and all market participants, backed by active enforcement of regulatory requirements relating to custody and segregation of client money; insurance and liquidity cover; and in general all aspects pertaining to market abuse prevention.

Get in touch

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