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).
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.