VARA welcomes Virtual Asset firms to be regulated in Dubai

1. 1. Submit an Initial Disclosure Questionnaire [IDQ] to Dubai Economy & Tourism [DET] or a relevant Free Zone Authority [FZA]
2. 2. Provide additional documentation as required. Such documentation will include a business plan, and details of the firm’s beneficial owners and senior management
3. 3. Pay initial fees [normally 50% of licence application fee] required to commence the application review
4. 4. Receive an Initial Approval to finalise the firm’s legal incorporation and to complete operational set-up including office space rental, employee on-boarding, and so forth. NOTE: At this point, the firm is not permitted to carry on Virtual Asset activities

VARA reserves the right not to issue an Initial Approval should the firm’s activities fall outside the regulatory perimeter or where a firm may not meet appropriate standards to be regulated.

Following receipt of an Initial Approval a firm can apply for a VASP Licence: 

1. 1. Prepare and submit documentation according to the guidance provided by VARA upon receipt of the Initial Approval 
2. 2. Receive feedback directly from VARA on the submission which may include meetings, interviews, and submission of further documentation 
3. 3. Pay remaining portion of application licence fees and first year’s supervision fees 
4. 4. Receive a VASP Licence, which may be subject to operational conditions