Latest news on VARA

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.

Dubai’s Virtual Assets Regulatory Authority (VARA) is pleased to announce Matthew White as the new Chief Executive Officer (CEO) to lead VARA through its next phase of ramp up to full scale market operations this year.

Significant strides in registering applicants as Dubai’s VA sector transitions to becoming fully regulated

Dubai, October 12, 2023: Dubai's Virtual Assets Regulatory Authority (VARA) takes the first-of-its-kind regulatory position on issuance of specific categories of Virtual Assets backed by Real World Assets including but not limited to FIAT, offering greater assurance for cross-border interoperability. The September 2023 edition of VARA’s Virtual Asset (VA) Issuance Rulebook, makes Dubai’s regime amongst the world's first to proactively establish prudential requirements for two specialist categories of tokens that maintain a stable value against their underlying asset class.

VARA has published a revised Custody Services Rulebook, permitting Staking from Custody Services in accordance with the prescribed requirements of the amended rulebook.

Memorandum of Understanding outlines collaboration framework to institutionalise an integrated city Model for Consumer Protection and Responsible VA Operations.

The Securities and Commodities Authority (SCA) announced that it had received licensing requests and inquiries from companies intending to provide Virtual Asset services following the issuance of the necessary regulations.

The Dubai Virtual Assets Regulatory Authority [VARA] announced earlier today a schedule of fees covering the issuance of NOC, amendments or withdrawal of licence applications, and the submission of whitepapers.

UAE to serve as strategic global and regional business hub, OKX to expand to 30 staff.

The Virtual Assets Regulatory Authority (VARA), in collaboration with the Department of Economy and Tourism (DET), hereby notify you that the Regulated Virtual Assets Activities, which were issued on 7 February 2023, are now offered at DET branches.

Web3 launchpad and advisory company Enjinstarter MENA announced today that it has been granted initial approval by Dubai’s Virtual Assets Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a licence, in accordance with VARA requirements.

BitOasis, MENA’s leading regional cryptocurrency trading platform has secured an MVP Operational Licence from Dubai’s VARA, completing the final step in the MVP process.

The Virtual Assets and Related Activities Regulations 2023, establishes clear requirements for the VA sector to be fully regulated under VARA in the Emirate of Dubai, including all businesses offering products and services associated with the sector.

Crypto.com, trusted by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, confirmed today that it has received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).

Digital Prime Brokerage, GCEX MENA, part of the GCEX Group, has received its MVP Preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA).

Dubai’s Virtual Asset Regulatory Authority (VARA), has issued its Virtual Assets and Related Activities Regulations 2023. The Regulations set out a comprehensive Virtual Asset (VA) Framework built on principles of economic sustainability and cross-border financial security.

Hex Trust, the leading fully licenced and insured provider of bank-grade custody and associated services for digital assets, has received the Minimum Viable Product (MVP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA). This follows the issuance of its provisional licence in June 2022.

Komainu, a regulated digital asset custody provider built by institutions for institutions, has announced today that it has received the minimal viable product (MVP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA), following the issuance of its provisional approval in July 2022.

Binance, the leading global blockchain services provider, has announced today that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), following the issuance of its provisional license in March 2022.

The world's only independent regulator for Virtual Assets (VA), Dubai’s Virtual Asset Regulatory Authority (VARA), has launched operations for its customised licensing regime this month.