VASPs licensed to carry out Custody Services may now, with specific additional approval from VARA, provide staking services to their customers from the same legal entity and without obtaining a separate licence for VA Management and Investment Services. Additional licensing and supervision fees will be payable in connection with the provision of this additional service.
VARA is the competent entity in charge of regulating, supervising, and overseeing Virtual Asset services in the Emirate of Dubai (excluding the Dubai International Financial Centre).
VARA is issuing this Guidance following a thematic review of all Proof of Reserve Assets reports submitted in 2025. The purpose of the Guidance is to clarify VARA's minimum regulatory expectations in relation to the independent audit of Reserve Assets and to promote a consistent, robust, and sufficiently detailed approach to the assessment and verification of client Virtual Asset (“VA”) safeguarding arrangements.