Accordingly, Virtual Asset Service Providers (VASPs) seeking to conduct business in Dubai’s mainland or make changes to their current commercial licences may submit their applications for the below-mentioned activities at DET branches.
List of Regulated Virtual Assets Activities (require a licence from VARA):
Additionally, you may also apply for the below commercial licence (requires NOC from VARA):
Firms carrying on VA activities in Dubai [except DIFC] prior to 7 February 2023 [Legacy VASPs], must have their applications seeking regulatory oversight or relevant guidance from VARA by the final deadline of 30 April 2023.
Firms that have failed to comply with the regulatory framework by the aforementioned deadline must comply immediately to avoid substantial punitive measures including material fines/penalties and potential firm closure.
As such, you are advised to visit the below branches to modify your existing licence or apply for a new VA licence.
DET Centres offering commercial licences for the Regulated Virtual Assets Activities:
For more information, please contact:
Virtual Assets Regulatory Authority
Email: [email protected]
This market notice is being issued by Dubai’s Virtual Assets Regulatory Authority (VARA) to highlight to all industry stakeholders, and consumers that the deadline for VA sector entities to engage in the regulatory licence application process has now elapsed. As formally announced on 05.November further to multiple advisories since Q2-2023, entities operating within the virtual asset domain were required to commence procedural engagement with VARA on/or before 17.November.2023.