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VARA licensing
in Dubai
The Virtual Assets Regulatory Authority (VARA) serves as Dubai’s foremost regulatory body, ensuring a safe and secure environment for businesses engaging in virtual assets.
Virtual assets
Whether running a cryptocurrency exchange, managing virtual asset portfolios, or offering advisory services, obtaining a VARA license is crucial for legitimising and streamlining operations.
The complexities of the licensing process are simplified through tailored solutions that guide businesses through every stage.
Comprehensive support ensures operations are positioned as trusted leaders in the digital asset industry.
About license
Why choose VARA?
Global recognition
Dubai’s robust regulatory framework ensures international trust and enhances business credibility on a global scale.
Innovative opportunities
Operating under VARA enables access to advanced financial ecosystems, fostering growth and innovation in digital assets.
Comprehensive compliance
VARA’s structured guidelines offer businesses a clear path to compliance, reducing risks and enhancing operational efficiency.
How Aston VIP supports clients with VARA licensing
Aston VIP provides end-to-end guidance for businesses aiming to obtain a VARA license. Partnering with Aston VIP ensures that businesses not only meet regulatory standards but also optimise their operations for long-term success. Our tailored services include:
- Business incorporation
Assistance with registering a legal entity in Dubai, ensuring alignment with regulatory requirements.
- Compliance documentation
Preparing and reviewing business plans, financial documents, and operational policies.
- Office setup
Helping clients secure compliant office spaces to meet VARA’s criteria.
- Application submission
Managing the entire application process, including liaising with VARA officials to ensure a smooth review.
- Personnel sourcing
Identifying and hiring qualified responsible individuals and company secretaries.
- Ongoing advisory
Offering continuous support to help businesses remain compliant and renew their licenses annually.
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Types of licenses offered by VARA
VARA provides a range of licenses to cover all major virtual asset activities. Each license is tailored to specific business models, ensuring that all operations remain compliant with international and local regulations. The available licenses include:
01
Advisory services
Designed for professionals offering strategic guidance and consultancy on virtual asset management.
02
Broker-dealer service
For businesses facilitating the buying and selling of virtual assets on behalf of clients.
03
Custody service
Provides secure storage and management of digital assets, ensuring protection against potential cyber threats.
04
Exchange services
Allows companies to operate platforms that facilitate trading between virtual assets and fiat currencies.
05
Lending and borrowing services
Enables businesses to offer virtual asset-backed loans or facilitate borrowing options.
06
Management and investment services
Tailored for firms handling virtual asset portfolios and offering investment strategies.
07
Transfer and settlement services
Covers businesses that provide transfer and settlement solutions for virtual assets.
08
Virtual asset issuance (stablecoins)
For entities issuing stablecoins and similar digital currencies backed by tangible assets.
Licensed companies in Dubai can add or amend their activities by following the required procedures. Expert advisory services ensure a seamless transition for any such changes.
Obtaining a VARA crypto license in Dubai
Securing a VARA crypto license in Dubai requires a meticulous approach to business formation and compliance. The process begins with establishing a legal business entity within the Emirate, which is a fundamental prerequisite for applying for the Virtual Asset Service Provider (VASP) license.
Timeline considerations
The time required to obtain a VARA crypto license depends heavily on the applicant’s readiness and efficiency in preparing the necessary documents and meeting the compliance standards. On average, the process may take between 3 to 6 months, depending on the complexity of the business model and the thoroughness of the application.
Securing a VARA license not only legitimises your crypto business but also opens doors to Dubai’s dynamic financial ecosystem. For tailored assistance throughout the licensing process, expert guidance ensures a streamlined journey into Dubai’s virtual asset market.
VARA License Timeline
Expert support tailored to the unique needs of virtual asset businesses ensures that securing a VARA license is efficient and effective
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Frequently asked questions
What is the role of VARA in Dubai?
VARA’s primary objective is to regulate and monitor all virtual asset-related activities within Dubai, ensuring a secure environment for both businesses and investors. Its comprehensive framework promotes transparency, protects consumers, and supports the sustainable growth
of the digital economy.
Which businesses need a VARA license?
A VARA license is mandatory for any entity involved in virtual asset services, including exchanges, wallet providers, asset managers, and token issuers. Whether the business operates entirely within the virtual asset space or integrates these services into a broader model, obtaining a VARA license ensures compliance with Dubai’s regulatory standards.
What documentation is required for a VARA license?
To secure a VARA license, businesses must provide:
- A detailed business plan highlighting virtual asset activities.
- Identification documents for all shareholders and directors.
- Proof of address and incorporation documents for the parent company (if applicable).
- Robust compliance frameworks, including KYC and AML policies.
- Financial statements demonstrating operational capacity and readiness.
Thorough preparation of documentation reduces the likelihood of delays or rejections.
What are the KYC and AML requirements for VARA license holders?
VARA license holders must implement rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to prevent illicit activities. This includes:
- Verifying the identity of all clients and stakeholders.
- Monitoring and reporting suspicious transactions.
- Establishing clear policies to ensure compliance with both local and international regulatory standards.
Failure to comply with KYC and AML requirements can result in severe penalties, including the suspension or revocation of the VARA license.
How long does it take to obtain a VARA license?
The timeline for securing a VARA license depends on the nature of the business and the complexity of the application. Generally, it takes between 3 to 6 months, although delays
may occur if the required documentation is incomplete. A streamlined approach ensures a smooth and efficient process, minimising unnecessary delays.
Are there any financial requirements for VARA licensing?
Yes, VARA mandates specific capital requirements based on the nature of the licensed activity. These requirements ensure businesses maintain sufficient financial resources to operate securely and sustainably. Guidance is provided on meeting these requirements, ensuring compliance with all regulatory obligations.
Can foreign businesses apply for a VARA license?
Foreign entities are eligible to apply for a VARA license but must establish a local presence in Dubai, either through a free zone or mainland company. Assistance is provided to foreign
businesses in navigating the legal and administrative processes, from company incorporation to securing office space.
What are the costs involved in obtaining a VARA license?
Costs vary depending on the type of virtual asset activity. Key expenses include application fees, annual supervision fees, and compliance audits. Transparent cost breakdowns help
clients budget effectively and avoid unexpected financial burdens.
What happens if a business operates without a VARA license?
Operating without a VARA license is a serious offence, subject to heavy fines, business suspension, and possible legal action. Ensuring proper licensing protects business reputation and avoids legal repercussions.
How does Aston VIP support VARA compliance?
End-to-end support for VARA compliance is provided, including:
- Preparation and submission of licensing applications.
- Development of robust KYC and AML frameworks.
- Ongoing advisory services to ensure compliance with evolving regulations.
By simplifying the regulatory journey, businesses are positioned for long-term success in Dubai’s thriving digital economy.
