Virtual Asset Licensing with VARA

The Dubai Virtual Assets Authority (VARA), an affiliate of the Dubai World Trade Centre Authority (DWTCA), was established in February 2022 by the UAE’s Virtual Assets (VA) Law as the competent entity in charge or regulating, supervising, and overseeing all Virtual Assets Service Providers (VASPs) and virtual assets activities across the Emirate of Dubai (excluding the Dubai International Financial Centre or DIFC). In March 2022, shortly after being officially established, VARA announced a 4- stage licensing process allowing applicants to progress through a tiered approval gateway, as depicted in the image below. All applicants must go through the 4 stages, where VARA evaluates and ensures applicants operate within its regulatory framework, before granting them a Full Market Product (FMP) License.
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