Regulated Virtual Assets Activities are now offered at DET branches

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):

• VA Advisory Services
• VA Broker-Dealer Services
• VA Custody Services
• VA Exchange Services
• VA Lending and Borrowing Services
• VA Management and Investment Services

Additionally, you may also apply for the below commercial licence (requires NOC from VARA):

• VA Propriety Trading

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:

• Al Barsha Mall
• DED Café
• Palm Strip Mall Jumeriah
• Al Twar Centre · Dubai Mall
• Clock Tower Deira

For more information, please contact:

Virtual Assets Regulatory Authority

Email: [email protected]