迪拜VARA牌照
全程许可咨询服务
Secure your Virtual Asset Service Provider licence under Dubai's VARA framework. From pre-approval to operational licence, with complete legal and regulatory advisory from a team with direct VARA expertise. Law No. 4 of 2022 · current VARA Rulebooks · all eight regulated activities.
在迪拜VARA框架下取得虚拟资产服务提供商牌照。从预批准到运营牌照,由具有直接VARA专业知识的团队提供完整的法律和监管咨询。2022年第4号法律 · 现行VARA规则手册 · 全部八项受监管活动。
What do you need for a VARA licence in Dubai?
在迪拜取得VARA牌照需要什么?
Any business carrying on a virtual asset activity in or from Dubai, outside the DIFC, needs a VARA licence under Article 15 of Dubai Law No. 4 of 2022. You need a Dubai company on the mainland or in a Dubai free zone, a dedicated office, two VARA-approved Responsible Individuals, paid-up capital of at least AED 100,000, a full set of policies and VARA's fees. In Neo Legal's experience a well-prepared application takes eight to twelve months.
根据2022年迪拜第4号法律第15条,任何在迪拜(DIFC除外)或从迪拜开展虚拟资产活动的企业,均须取得VARA牌照。您需要一家在迪拜大陆或迪拜自由区注册的公司、一间专用办公室、两名经VARA批准的责任人、至少10万迪拉姆的实缴资本、一整套政策文件,并缴纳VARA规定的费用。根据Neo Legal的经验,准备充分的申请通常需要八至十二个月。
What VARA asks for,
one requirement at a time.
VARA的要求
逐项说明
The activity
活动类型
VARA licenses seven service activities: Advisory, Broker-Dealer, Custody, Exchange, Lending and Borrowing, VA Management and Investment, and VA Transfer and Settlement. It also regulates token issuance under the VA Issuance Rulebook. You apply for each activity you will carry on, and VARA looks at what the business actually does, not what it calls itself.
VARA许可七项服务活动:咨询、经纪-交易商、托管、交易所、借贷、虚拟资产管理与投资,以及虚拟资产转让与结算。此外,VARA依据《虚拟资产发行规则手册》监管代币发行。您须为拟开展的每项活动分别申请,VARA依据业务的实际功能而非名称作出判断。
The company and office
公司与办公室
The applicant must be a Dubai company, on the mainland or in a Dubai free zone other than the DIFC. DMCC is the most common choice but is not required. The company needs a dedicated physical office in Dubai, and in practice VARA does not accept virtual offices or flexi-desks. Custody must sit in its own separate legal entity (Custody Rulebook III.B.5). See VARA office requirements.
申请人必须是迪拜公司,可注册于迪拜大陆或DIFC以外的任何迪拜自由区。DMCC是最常见的选择,但并非强制要求。公司须在迪拜设有专用实体办公室,实践中VARA不接受虚拟办公室或灵活工位。托管业务必须由独立法人实体开展(《托管规则手册》第III.B.5条)。参见VARA办公室要求(英文)。
The people
人员
Two Responsible Individuals who are full-time, UAE resident or UAE passport holders and approved by VARA (Company Rulebook I.C). A full-time Compliance Officer with five years' compliance experience who reports directly to the Board, and an MLRO with two years' AML/CFT experience (Compliance and Risk Management Rulebook I.C.1 and III.A.1). See key personnel.
两名全职、居住在阿联酋或持有阿联酋护照并经VARA批准的责任人(《公司规则手册》第I.C条)。一名具备五年合规经验、直接向董事会汇报的全职合规官,以及一名具备两年反洗钱/反恐融资经验的洗钱报告官(《合规与风险管理规则手册》第I.C.1条和第III.A.1条)。参见关键人员(英文)。
The capital
资本
Paid-up capital from AED 100,000 for Advisory up to AED 1.5 million for an Exchange that does not use a VARA-licensed custodian, with fiat-referenced token issuers higher still. On top of that, net liquid assets of at least 1.2 times monthly operating expenses, plus professional indemnity, directors' and officers' and crime insurance (Company Rulebook VI.B.1). See capital by activity.
实缴资本从咨询业务的10万迪拉姆,到未使用VARA持牌托管机构的交易所的150万迪拉姆不等,法币参考代币发行人的要求更高。此外,净流动资产须至少为月度运营支出的1.2倍,并须投保职业责任险、董事及高级职员责任险和犯罪险(《公司规则手册》第VI.B.1条)。参见按活动划分的资本要求。
VARA's fees
VARA费用
AED 40,000 on application and AED 80,000 a year for Advisory and VA Transfer and Settlement. AED 100,000 on application and AED 200,000 a year for every other activity. Each additional activity adds an extension fee of 50 percent of the lower application fee (Schedule 2). See the VARA licence cost guide.
咨询及虚拟资产转让与结算:申请费4万迪拉姆,年度监管费8万迪拉姆。其他所有活动:申请费10万迪拉姆,年度监管费20万迪拉姆。每增加一项活动,另收取较低申请费50%的扩展费(附表2)。参见VARA牌照费用指南。
The documents
文件
An Initial Disclosure Questionnaire and business plan first, then the full licensing package: AML/CFT, compliance, risk management, technology and cyber security, client onboarding, outsourcing and, where relevant, custody policies, with the board and governance documents. See the IDQ.
首先提交初始披露问卷(IDQ)和商业计划,随后提交完整的许可材料:反洗钱/反恐融资、合规、风险管理、技术与网络安全、客户入职、外包以及(如适用)托管政策,连同董事会和治理文件。参见IDQ(英文)。
The timeline
时间
In Neo Legal's experience, eight to twelve months from the IDQ to the operational licence for a well-prepared application. That is our practice observation, not a VARA-published figure. Incomplete applications frequently take 12 to 18 months or longer. See how long a VARA licence takes.
根据Neo Legal的经验,准备充分的申请从提交IDQ到取得运营牌照通常需要八至十二个月。这是我们的实务观察,并非VARA公布的数据。材料不完整的申请往往需要12至18个月或更长时间。参见VARA牌照所需时间。
Reviewed by Harly Zappino, Founder & Managing Partner · Updated
审阅:Harly Zappino,创始人兼管理合伙人 · 更新于
Dubai is the world's most
advanced virtual asset jurisdiction.
迪拜是全球最先进的
虚拟资产司法管辖区
Dubai has emerged as a global leader in virtual asset regulation. With the enactment of Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai, the Dubai Virtual Assets Regulatory Authority (VARA) was established to provide a dedicated, world-class framework for all Virtual Asset Service Providers operating in or targeting the Emirate.
迪拜已成为虚拟资产监管领域的全球领导者。随着2022年第4号《迪拜酋长国虚拟资产监管法》的颁布,迪拜虚拟资产监管局(VARA)得以建立,为在迪拜运营或面向迪拜的所有虚拟资产服务提供商提供专业、世界一流的监管框架。
A VARA licence is no longer optional for serious operators. Whether you are launching an exchange, DeFi platform, custody solution or NFT marketplace, licensing is a legal requirement. As of 1 October 2024, the Marketing Regulations prohibit all marketing of VA Activities in or targeting Dubai unless conducted by, or on behalf of, a VARA-licensed VASP. Fines reach AED 10 million per violation for unauthorised marketing alone.
VARA牌照对于认真的运营商而言已不再是可选项。无论您是在启动交易所、DeFi平台、托管解决方案还是NFT市场,许可都是法律要求。自2024年10月1日起,《营销法规》禁止任何在迪拜进行的或针对迪拜的VA活动营销,除非由VARA持牌VASP或以其名义开展。仅未经授权的营销,每项违规罚款即可高达1000万迪拉姆。
Neo Legal's Director of Licensing, Manpreet Kaur, previously served at VARA itself and was directly involved in developing and implementing the UAE's virtual asset regulatory framework. This gives Neo Legal an unmatched understanding of VARA's internal expectations, assessment criteria, and supervisory approach.
Neo Legal许可总监曼普里特·考尔曾任职于VARA,并直接参与制定和实施阿联酋虚拟资产监管框架。这使Neo Legal对VARA的内部预期、评估标准和监督方法有着无可比拟的深入理解。
From initial IDQ submission through pre-approval, entity incorporation, full compliance package preparation, and post-licensing ongoing supervision, Neo Legal covers every stage of the VARA licensing journey as a single point of contact.
从初始IDQ提交到预批准、实体注册、完整合规材料准备,再到持牌后持续监管,Neo Legal作为单一联系点覆盖VARA许可历程的每个阶段。
Seven activity categories.
One licensing framework.
七大活动类别
统一许可框架
Any entity conducting the following Virtual Asset Activities in or targeting the Emirate of Dubai must obtain a full VARA licence. VARA assesses activities based on their economic function, not their label. If your product or platform touches any of these categories, independent legal analysis of your licensing obligations is essential.
任何在迪拜酋长国从事或针对迪拜酋长国的以下虚拟资产活动的实体必须获得完整的VARA牌照。VARA根据活动的经济功能而非名称来评估活动。如果您的产品或平台涉及以下任何类别,对您许可义务进行独立法律分析至关重要。
Centralised or decentralised trading platforms; order books; spot VA trading; stablecoins and tokenised instruments; derivatives (futures, options, perpetuals) subject to leverage restrictions; wallet integration and staking mechanisms subject to custody segregation standards.
中央化或去中心化交易平台;订单簿;现货VA交易;稳定币和代币化工具;衍生品(期货、期权、永续合约)受杠杆限制约束;钱包整合和质押机制受托管隔离标准约束。
OTC trading; agency-based execution; proprietary market-making; distribution of structured products. Must implement client order handling protocols, best execution policies, and conflicts of interest management.
场外交易;代理执行;自营做市;结构性产品分销。必须实施客户订单处理协议、最优执行政策和利益冲突管理。
Safekeeping of digital assets via hot, cold, or multi-sig wallets; escrow functions; reconciliation and segregation of client funds. Sub-custody arrangements permitted subject to VARA outsourcing and cyber-resilience requirements. Custody must be carried on by a separate legal entity (Custody Rulebook III.B.5).
通过热钱包、冷钱包或多重签名钱包保管数字资产;托管功能;客户资金对账和隔离。受VARA外包和网络弹性要求约束,可安排次级托管。托管业务必须由独立法人实体开展(《托管规则手册》第III.B.5条)。
Collateralised loans; margin trading support; yield-generating programmes through P2P or platform-based models. Clients must be appropriately classified with clear risk-return disclosure.
抵押贷款;保证金交易支持;通过P2P或平台模式的收益产生计划。必须对客户进行适当分类并清晰披露风险收益情况。
Discretionary portfolio management; tokenised investment fund creation; collective investment schemes. Must meet disclosure obligations on valuation methods, fund structure, and client eligibility criteria.
全权委托组合管理;代币化投资基金创建;集合投资计划。必须满足关于估值方法、基金结构和客户资格标准的披露义务。
Financial advice or research relating to virtual assets; manual and automated advisory including token analysis; strategic structuring advice for token issuers or investors. Covers both human and robo-advisory models.
与虚拟资产相关的财务建议或研究;包括代币分析的人工和自动化咨询;代币发行人或投资者的战略架构建议。涵盖人工和机器人咨询模式。
Issuing or offering new tokens (fungible, stablecoins, NFTs with economic value, or Real World Assets (RWAs) including tokenised real estate) to the public or private investors in Dubai. Issuers must register whitepapers, disclose tokenomics, and establish vesting and treasury policies.
向迪拜公众或私人投资者发行或提供新代币,包括可替代代币、稳定币、具有经济价值的NFT,以及代币化房地产等真实世界资产(RWA)。发行人必须注册白皮书、披露代币经济学,并制定归属和财库政策。
Transferring virtual assets between wallets or addresses for clients and settling virtual asset transactions. A separately licensed custodian may also hold this activity (Custody Rulebook III.B.6).
为客户在钱包或地址之间转移虚拟资产,并结算虚拟资产交易。单独持牌的托管机构也可持有此项活动(《托管规则手册》第III.B.6条)。
Two phases.
One coordinated engagement.
两个阶段
一个协调的委托
VARA licensing is a phased process governed by the Virtual Assets and Related Activities Regulations 2023, the Company Rulebook, and sector-specific Rulebooks. No legal entity formation, public announcements, or client engagement may occur until VARA formally issues its Initial Approval to Incorporate.
VARA许可是一个分阶段的流程,受2023年《虚拟资产及相关活动法规》、公司规则手册和行业特定规则手册的约束。在VARA正式发出注册初步批准之前,不得进行法律实体设立、公开声明或客户接触。
Regulatory fees are set by VARA.
Neo Legal's fees are quoted separately.
监管费用由VARA设定
Neo Legal费用单独报价
The following fees are payable directly to VARA and are set by regulation. They do not include Neo Legal's professional fees for advisory, preparation, and submission services, which are scoped and quoted following an initial consultation.
以下费用直接向VARA支付,由法规设定。不包括Neo Legal提供咨询、准备和提交服务的专业费用,该费用在初步咨询后进行范围界定和报价。
| Fee Type | Amount | Notes | 备注 | |
|---|---|---|---|---|
| Application fee: Advisory, VA Transfer and Settlement | 申请费:咨询、虚拟资产转让与结算 | AED 40,000 | Payable on application. | 申请时支付。 |
| Application fee: all other activities | 申请费:其他所有活动 | AED 100,000 | Exchange, Broker-Dealer, Custody, Lending and Borrowing, VA Management and Investment, Issuance. | 交易所、经纪-交易商、托管、借贷、虚拟资产管理与投资、发行。 |
| Extension fee: each additional activity | 扩展费:每项额外活动 | 50% of the lower application fee较低申请费的50% | Payable when more than one activity is applied for. | 申请多于一项活动时支付。 |
| Annual supervision fee: Advisory, VA Transfer and Settlement | 年度监管费:咨询、虚拟资产转让与结算 | AED 80,000 | Payable each year once licensed. | 取得牌照后每年支付。 |
| Annual supervision fee: all other activities | 年度监管费:其他所有活动 | AED 200,000 | Payable each year once licensed. | 取得牌照后每年支付。 |
Source: Schedule 2, Virtual Assets and Related Activities Regulations 2023.
来源:《2023年虚拟资产及相关活动条例》附表2。
A licence is the beginning.
Not the end.
牌照是开始
而非终点
Licensed VASPs are subject to a wide range of ongoing obligations under the Company Rulebook, Compliance and Risk Management Rulebook, Market Conduct Rulebook, Technology and Information Rulebook, and activity-specific Rulebooks. Neo Legal provides ongoing retained legal advisory to manage these obligations throughout the licence lifecycle.
持牌VASP须遵守公司规则手册、合规与风险管理规则手册、市场行为规则手册、技术与信息规则手册以及活动特定规则手册规定的广泛持续义务。Neo Legal提供持续保留法律咨询,在整个牌照生命周期内管理这些义务。
Maintain transparent legal and governance structure; preserve accurate ownership register; disclose material changes; seek VARA written approval for restructuring involving Controlling Entities or UBOs; annual Fit and Proper assessments for Board and Senior Management; all Board changes notified to and approved by VARA.
维持透明的法律和治理架构;保存准确的所有权登记册;披露重大变更;就涉及控制实体或最终受益所有人的重组征得VARA书面批准;对董事会和高级管理层进行年度适当性评估;所有董事会变更须通知并经VARA批准。
Operate a fully functional compliance framework covering AML/CFT, risk management, client onboarding, transaction monitoring, sanctions screening, recordkeeping, and suspicious activity reporting. Conduct periodic Business Risk Assessments in line with FATF principles. All compliance functions must be appropriately staffed, documented, and subject to internal audit.
运营全功能合规框架,涵盖反洗钱/反恐融资、风险管理、客户入职、交易监控、制裁筛查、记录保存和可疑活动报告。按照金融行动特别工作组原则定期进行业务风险评估。所有合规职能必须配备适当人员、形成文件并接受内部审计。
Comply with Technology and Information Rulebook: secure IT infrastructure, incident response plans, data protection, business continuity frameworks. Safeguard client data and private keys. Conduct ongoing penetration testing. Report material cyber incidents, service interruptions, or data breaches promptly to VARA.
遵守技术与信息规则手册:安全的IT基础设施、事件响应计划、数据保护、业务连续性框架。保护客户数据和私钥。开展持续渗透测试。及时向VARA报告重大网络事件、服务中断或数据泄露。
All promotional content must be fair, clear, not misleading, and approved by VARA where required. Keep a record of all marketing and how it was distributed for at least eight years after it last runs (Marketing Regulation I.C.4). Breaches carry fines of up to AED 10 million per violation, doubled for a repeat within a year (Marketing Regulations, Schedule 1).
所有宣传内容必须公平、清晰、不误导,并在需要时获得VARA批准。所有营销内容及其分发记录须在最后一次投放后保存至少八年(《营销法规》第I.C.4条)。违规行为每项最高可处1000万迪拉姆罚款,一年内再次违规罚款加倍(《营销法规》附表1)。
End-to-end VARA advisory
from a team that knows VARA from inside.
端到端VARA咨询
来自深谙VARA内部运作的团队
IDQ preparation and submission; business model structuring aligned to VARA expectations; comprehensive Business Plan drafting covering governance, technology, compliance, and financial viability; direct VARA liaison on behalf of clients; facilitating pre-licensing consultations and risk-based clarifications.
IDQ准备和提交;商业模式架构符合VARA预期;全面商业计划起草,涵盖治理、技术、合规和财务可行性;代表客户直接与VARA联络;协助预许可咨询和基于风险的澄清。
Entity incorporation aligned with approved licensing structure; drafting or reviewing Compliance Manuals, AML/CFT frameworks, Risk Management Policies, Client Onboarding and KYC protocols, and Outsourcing Agreements; Board composition advice; Fit and Proper assessments; technology risk programmes and data protection frameworks per the Technology and Information Rulebook.
与批准的许可架构一致的实体注册;起草或审查合规手册、反洗钱/反恐融资框架、风险管理政策、客户入职和KYC协议以及外包协议;董事会组成建议;适当性评估;根据技术与信息规则手册制定的技术风险计划和数据保护框架。
Pre-clearance of all promotional content, disclaimers, and influencer use under the 2024 Marketing Regulations; reviewing social media strategy and content against VARA requirements; ensuring promotional materials are approved before distribution; managing the 8-year record retention obligation for all marketing materials.
根据2024年《营销法规》对所有宣传内容、免责声明和网红使用进行预审批;根据VARA要求审查社交媒体策略和内容;确保促销材料在发布前获得批准;管理所有营销材料8年记录保存义务。
Ongoing legal advisory as retained counsel; contractual agreements, Terms of Service, and platform disclaimers; regulatory reporting and VARA inspections; Material Event Disclosures; mock audits, gap analyses, and Board training on risk culture and enforcement trends; token issuance, DAO structuring, and cross-border operations advisory.
作为保留律师提供持续法律咨询;合同协议、服务条款和平台免责声明;监管报告和VARA检查;重大事件披露;模拟审计、差距分析以及关于风险文化和执法趋势的董事会培训;代币发行、DAO架构和跨境运营咨询。
Where VARA initiates formal investigations, impositions of remedial directives, or licence conditions, Neo Legal provides immediate legal response and ongoing representation. We advise on cooperation obligations, self-reporting strategy, and mitigation of penalties, and coordinate specialist UAE litigation counsel where court proceedings are required.
当VARA启动正式调查、发出补救指令或施加牌照条件时,Neo Legal提供即时法律响应和持续代理。我们就合作义务、自愿报告策略和减轻处罚提供建议,并在需要法院程序时协调专业阿联酋诉讼律师。
For operators whose business model or risk profile does not align with a VARA application, Neo Legal advises on alternative UAE regulatory pathways, including ADGM's Financial Services Permission for virtual asset activities, and RAK DAO for decentralised autonomous organisation structuring. Jurisdiction selection is the first critical decision in any UAE virtual asset strategy.
对于商业模式或风险状况不适合VARA申请的运营商,Neo Legal提供替代阿联酋监管路径建议,包括ADGM针对虚拟资产活动的金融服务许可,以及针对去中心化自治组织架构的RAK DAO。司法管辖区选择是任何阿联酋虚拟资产战略中的首个关键决策。
VARA licensing
answered directly.
VARA许可
直接解答
Any business conducting Virtual Asset Activities in or from Dubai, or marketing such services to UAE residents, must obtain a VARA licence. This includes exchanges, token issuers, custodians, lenders, advisors, and investment managers. Foreign firms must also comply if they target Dubai users.
任何在迪拜或从迪拜开展虚拟资产活动的企业,或向阿联酋居民营销此类服务的企业,必须获得VARA牌照。包括交易所、代币发行人、托管机构、贷款机构、顾问和投资管理人。如果外国公司针对迪拜用户,也必须遵守。
No. As of 1 October 2024, only VARA-licensed entities may market VA Activities in or targeting Dubai. Unauthorised marketing can result in fines of up to AED 10 million per violation, even if the entity is based outside the UAE.
不行。自2024年10月1日起,只有VARA持牌实体才可以在迪拜境内或针对迪拜进行VA活动营销。未经授权的营销每项违规最高可处1000万迪拉姆罚款,即使实体在阿联酋境外注册也不例外。
In Neo Legal's experience, a well-prepared application takes eight to twelve months across pre-approval, incorporation and the final compliance review. VARA may request additional documentation or clarification at any stage. Strong, well-prepared applications move faster.
根据Neo Legal的经验,准备充分的申请在预批准、注册和最终合规审查各阶段合计通常需要八至十二个月。VARA可能在任何阶段要求提供额外文件或澄清。准备充分、质量高的申请进展更快。
Yes. VARA assesses activities based on their economic function and will determine what licence is required based on the nature of the activity. NFTs with economic value, DeFi lending protocols, and RWA tokenisation platforms all fall within VARA's regulatory perimeter in appropriate circumstances.
是的。VARA根据活动的经济功能进行评估,并根据活动性质确定所需的牌照。具有经济价值的NFT、DeFi借贷协议和RWA代币化平台在适当情况下均在VARA的监管范围之内。
VARA regulates VA activities in and from the Emirate of Dubai specifically. ADGM (Abu Dhabi Global Market) provides its own Financial Services Permission framework for VASPs operating within or from Abu Dhabi, and is the preferred jurisdiction for fund managers and institutional operators. RAK DAO is a free zone specifically designed for decentralised autonomous organisations and Web3 native projects. The right choice depends entirely on your business model, target market, and operational profile.
VARA专门监管迪拜酋长国内的及来自迪拜的VA活动。ADGM(阿布扎比全球市场)为在阿布扎比内或从阿布扎比运营的VASP提供自己的金融服务许可框架,是基金管理公司和机构运营商的首选司法管辖区。RAK DAO是专为去中心化自治组织和Web3原生项目设计的自由区。正确的选择完全取决于您的商业模式、目标市场和运营状况。
VARA licensing starts
with the right advice.
VARA许可从
正确的建议开始
Contact Neo Legal for a confidential licensing readiness assessment. We advise on strategy, jurisdiction, and application approach before you commit. admin@neolegal.ae · +971585786357
联系Neo Legal进行保密的许可准备评估。我们在您承诺之前就策略、司法管辖区和申请方法提供建议。admin@neolegal.ae · +971585786357
Book a VARA Consultation预约VARA咨询What is a VARA licence and who issues it?
A VARA licence is an official authorisation issued by the Dubai Virtual Assets Regulatory Authority, established under Law No. 4 of 2022, permitting entities to conduct regulated Virtual Asset activities in or from the Emirate of Dubai (excluding DIFC). It is the mandatory legal requirement for any exchange, custodian, broker-dealer, lender, issuer, investment manager, or advisor operating in Dubai's virtual asset market.
Who needs to obtain a VARA licence?
Any business that conducts Virtual Asset activities in or from Dubai or markets VA products or services to UAE residents requires a VARA licence. This includes cryptocurrency exchanges, token issuers, custodians, lenders, advisors, and investment managers. Foreign companies that target Dubai users are also subject to the licensing requirement, even if the entity is incorporated outside the UAE. This includes proprietary trading of Virtual Assets.
Can I market a crypto project in Dubai without a VARA licence?
No. Since 1 October 2024, only VARA-licensed entities may market Virtual Asset activities in or targeting Dubai. Unauthorised marketing, including social media promotions, influencer campaigns and advertising, carries fines of up to AED 10 million per violation under Schedule 1 of VARA's Marketing Regulations, doubled for a repeat within a year, regardless of where the promoting entity is based. However, pursuant to VARA's market conduct rules there are specific ways in which you can promote your brand during events and similar contexts.
How long does it take to get a VARA licence?
In Neo Legal's experience, a well-prepared application typically takes eight to twelve months from the Initial Disclosure Questionnaire to the operational licence, across pre-approval, incorporation and the final compliance review. That is our practice observation, not a VARA-published figure. VARA may request additional documentation or meetings with Responsible Individuals at any stage, which can extend the timeline. Applications with incomplete documentation or weak business plans frequently take 12 to 18 months or longer.
What are the VARA application fees?
Under Schedule 2 of VARA's Regulations, Advisory and VA Transfer and Settlement pay AED 40,000 on application and AED 80,000 a year in supervision fees. Every other activity (Exchange, Broker-Dealer, Custody, Lending and Borrowing, VA Management and Investment, and Issuance) pays AED 100,000 on application and AED 200,000 a year. Each additional activity adds an extension fee of 50 percent of the lower application fee. These are regulatory fees payable directly to VARA and do not include legal advisory costs.
Does VARA require a physical office in Dubai?
Yes. VARA requires all licensed VASPs to have a physical presence in Dubai. Certain activity types, including exchange, custody and broker-dealer services, require a closed-door private office. In practice VARA does not accept virtual offices or flexi-desks. VASPs should check specific space requirements with their commercial licensor (Dubai Economy and Tourism or the relevant free zone) based on their staffing levels.
What are Responsible Individuals and why do they matter?
Responsible Individuals are the two designated senior employees that every licensed VASP must appoint as part of the post-incorporation licensing stage. Under Rule I.C of the Company Rulebook they must be full-time, UAE resident or UAE passport holders, assessed as Fit and Proper and approved by VARA. They are personally accountable to VARA for the firm's regulatory compliance. VARA will not issue an Operational Licence without approved Responsible Individuals in place.
What is the difference between VARA and ADGM for crypto businesses?
VARA regulates virtual asset activities specifically in the Emirate of Dubai (excluding DIFC). ADGM (Abu Dhabi Global Market) has its own Financial Services Permission framework for VASPs operating in Abu Dhabi, and is particularly well-suited for institutional operators and fund managers. The right choice depends on your business model, target market, and operational profile, and this selection decision is one of the most consequential early steps in any UAE virtual asset strategy.
Can an existing VASP with a free zone crypto licence continue operating without a VARA licence?
No. Entities that hold existing NFT Marketplace Commercial Licences or other free zone crypto licences must separately obtain the appropriate VARA licence (typically a VA Exchange and/or Broker-Dealer Licence) depending on their actual activities. Legacy operators who have not yet completed VARA licensing should seek immediate advice, as VARA's enforcement powers are broad and non-compliance can result in suspension of operations or criminal referral.