With Enterworld, your VARA licensing process for VASP is simplified. Step into Dubai’s regulated virtual asset market and leverage the credible financial license for your company today! Secure your VARA license for VASP in Dubai today effortlessly with us.
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Enterworld offers a simplified and straightforward process for the VARA license for VASP in Dubai.
4 to 8 Months
VARA Licensing
Required
Physical Presence
Yes
Compliance Needed
Yes
Smooth Process
SPecial offer
The advisory services license is for companies that offer advice and provide recommendations on virtual asset investment and transactions to clients. With this license, you can provide financial consultation and cover other related activities such as portfolio recommendations, investment strategies, buying or selling cryptocurrencies or tokens, and risk assessments on the virtual assets. However, before you offer advisory services, you will have to consider the client’s experience and knowledge in virtual assets investment, including the client’s financial status and the ability to bear sudden loss. If your company deals with the trading, buying and selling of virtual assets on behalf of clients in Dubai, you will have to apply for the broker-dealer service license. According to VARA, anyone dealing with business activities like crypto exchanges, brokerage consultancy firms that provide connections and accept orders to buy and sell virtual assets, offering trading platforms, and creating a market using the client’s assets, falls under this license category. Additionally, this license allows you to act on your own accord. Using a VARA custody service license, you can safely store and manage the client’s virtual assets. The company with the custody service license acts only on verified instructions and ensures to safeguard the client’s virtual assets. Therefore, the company with this VASP license will need to have a tight security system to prevent theft. You will also need to provide strong data protection measures and implement strong transaction monitoring systems. Additionally, the company will have to hold each user’s assets separately in segregated wallets. The VARA exchange service license in Dubai is for companies that have their own VASP platform where clients can buy, sell, trade or exchange virtual assets such as stable coins, cryptocurrencies or tokens. If your company operate as a marketplace for various virtual assets and offers conversion services between a fiat currency and virtual assets, you will need a VARA exchange service license. Companies with this license must ensure transparency and maintain an order book of all the exchange services provided to clients. If your company offers lending and borrowing services for virtual assets, you will need a lending and borrowing services license, which is a VARA license for VASP in Dubai. With this license, your company can offer crypto loans and also borrow, allowing your clients to leverage the virtual asset holdings by providing collateral-based borrowing using the virtual currencies. DeFi or crypto banks, such as decentralised and centralized lending platforms, fall under this license category. Companies with this license will have to implement strong AML and KYC procedures. Virtual Asset Service Provider (VASP) companies in Dubai that have the infrastructure to move and settle the virtual assets transactions between different platforms and parties will need a transfer and settlement services license. It will also include the transfer of tokens from one wallet to the other, including the blockchain-based remittance platforms that use cryptocurrencies or other virtual assets for transactions. Companies providing crypto payment processing services in Dubai will also have to apply for this license. Additionally, you will need to adhere to strict compliance requirements. The virtual assets management and investment services license is for companies that manage and invest the virtual assets of clients on their behalf. Under VARA’s licensing requirements, you will need to apply for a VA management and investment services license if your company handles investment portfolios of virtual assets, offering services to both institutional and retail clients or provides staking services on the client’s behalf. However, to offer these services, your company must be incorporated within Dubai and have a registered physical office address. The Virtual Assets (VA) issuance category-1 license in Dubai is for companies that are offering a specific type of virtual assets, particularly the Fiat-Referenced Virtual Assets (FRVAs), token type of virtual assets designated by VARA or Fully-Backed Reference Virtual Assets (FRVAs). Such VASPs are under a stringent rulebook and are not allowed to offer services without a specific license. In addition to this, the virtual assets category 1 license is highly regulated by VARA and requires strict compliance with multiple requirements. The VARA licensing process is now a mandatory step for VASPs in Dubai. As a company that provides virtual asset services, having a VARA license is no longer optional but a legal requirement. While legally protecting the clients and users, it ensures operational legitimacy for companies. Dubai has been recognized as the leader in regulating virtual assets because of VARA licensing. After the enactment of Law No. 4 of 2022 to regulate virtual assets, VARA was launched to oversee VASP and offer legal authorization. The VARA license offers a unified licensing framework for VASPs and offers a comprehensive rulebook to ensure compliance with the regulations. Without a VARA license, you cannot market or offer any virtual asset services in Dubai. Regulations of the VARA license align with the global standards, like FATF and ensure international best practices. VARA also offers regulations tailored to Dubai’s virtual asset market and provides a rulebook that requires strict financial and consumer protection measures. When you are applying for a VARA license in Dubai, you will have to ensure that you meet the eligibility criteria set by the Virtual Assets Regulatory Authority (VARA). The Vara license for VASP in Dubai requirements include: +1k Customers The individual applying for a VARA license will need to have a legally registered business within Dubai. It can either be in the mainland with the DET or a freezone area, and you will have to submit proof of registered address during the license application. VARA license requires a minimum paid-up capital, which is a fixed amount. The amount will depend on the license applied and the business activity. For example, a custody services license needs a capital of AED 600,000, and an exchange services license needs AED 800,000. All the employees and management in the company will need to be qualified and experienced, and will need to qualify against VARA’s fit and proper criteria. Particularly, the directors and senior members of the company will have to ensure no criminal records. VASPs will need to implement strong cybersecurity and data protection measures and submit the company’s security policies to VARA. This is a mandatory step during the licensing process, as VASPs are required to protect their system and client data. As a virtual asset service provider applying for VARA, you will need to ensure compliance with the Anti-Money Laundering and Counter Financing of Terrorism protocols by implementing a stringent system for monitoring and conducting customer due diligence. The virtual asset service providers applying for a Fiat-Referenced Virtual Assets (FRVA) license will have to ensure that they will always hold and maintain reserve assets 100% of the value of the client’s liabilities, and reserved assets must not be reused for other purposes. The company applying for a VARA license will have to ensure that it establishes a risk management system according to VARA’s rulebook. Additionally, the risk management team will have to be experienced to identify, monitor and report suspicious transactions. According to VARA’s rulebook, strong corporate governance is an important eligibility criterion to apply for a VARA license. You will have to outline the company structure, segregation of duties and client asset protection, etc.
Virtual Assets Regulatory Authority (VARA) License in Dubai
Advisory Services License
Broker-Dealer Services License
Custody Services License
Exchange Services License
Lending and Borrowing Services License
Transfer and Settlement Services License
Virtual Assets Management and Investment Services License
VA Issuance Category – 1 License
Virtual Assets Service Provider (VASP) in Dubai
Why is VARA License in Dubai Important for Virtual Assets?
Regulate Virtual Assets
Unified Licensing Framework for VASP
Match Global Standards
What are the Eligibility Conditions to Get a VARA License for VASP in Dubai?
Legal Physical Presence in Dubai
Minimum Paid-up Capital
Qualified and Experienced Management
Cybersecurity and Data Protection Measures
Compliance with AML and CFT
Reserve Assets
Risk Management
Corporate governance
Documents Needed
What are the Documents Required to Apply for a VASP License in Dubai?
Apply for a VASP License in Dubai
Compliance Requirements with VARA Rules in 2025
Strict Compliance Management
Risk Management
Audit and Tax Reporting
Regulatory Reporting
Compliance with AML and CFT Laws
Client Screening and Monitoring
Customer Due Diligence (CDD)
Suspicious Transactions Reporting (STR)
Risk Assessments
Top Reasons to Choose Enterworld
Why Enterworld is the First Choice for the VARA License for VASP in Dubai?
FAQs on VARA License for VASP in Dubai
VARA license for VASP in Dubai is a legal authorization that allows you to operate a virtual asset service provider business within Dubai. The license will ensure that you have adhered to the local laws and regulations related to virtual assets. If your company deals with any virtual asset-related activity, such as exchange, custody or trading, etc., you will need a VARA license.
VARA License in Dubai
To obtain a VARA license for VASP in Dubai online, you will have to complete two stages. You can complete the process online through the VARA (Virtual Assets Regulatory Authority) official portal. The submission of supporting documents, including the initial disclosure questionnaire (IDQ) and payment of fees, can also be completed through VARA’s online portal.
VARA was established in Dubai in the year February 2022 by the Dubai government to regulate virtual assets in the country. It was implemented under Dubai's Virtual Assets (VA) Law, but its operations officially started in August 2022, only after VARA started issuing licensing regulations.
Getting a VARA license for VASP in Dubai requires paying a fee and depositing a minimum capital requirement. The total cost of applying for a VARA license will depend on the license type and the virtual asset service provided, including the scale of operations.
VARA Fees in Dubai
Capital Requirement
Virtual Asset Service Provider (VASP) is a business entity that offers virtual asset services such as trading, exchange, custody and virtual asset management to clients under the regulation of VARA in Dubai. VASP involves virtual assets such as cryptocurrency exchanges, virtual asset platforms and wallet providers.
VARA license offers extensive benefits to companies offering virtual asset services in Dubai. It offers credibility by ensuring adherence to high compliance standards, offers legal authorization to operate your virtual asset business in Dubai and because of VARA’s credibility, you gain trust among the clients and investors.
The choice between mainland and freezone for your VARA license will depend on your business type and target audience. Choosing mainland will give you the authority and freedom to enjoy unrestricted domestic access within Dubai and the UAE, while a freezone will need additional steps to operate outside the zone, but you will have other benefits like 0% corporate income tax.
Any company or individual who deals with virtual assets-related services in Dubai for either commercial purposes or trades on their own account will require a Virtual Assets Regulatory Authority (VARA) license. Additionally, if any company is managing a portfolio of over $250,000,000, it will need to apply for a VARA license.
The primary VARA licensing requirement in Dubai for VASP is to have a legally registered office within Dubai. It is also mandatory to have qualified senior management with a fit and proper document. You will also need to submit detailed documents and meet the financial requirements.
The regulatory authority for Virtual Asset Service Provider (VASP) is VARA, which is the Virtual Assets Regulatory Authority (VARA) that governs and regulates the virtual assets in Dubai. The other authorities responsible are the Dubai Department of Economy & Tourism (DET) and the Dubai Free Zone Authority (FZA).
To apply for a VARA license for VASP in Dubai, you will have to go through two stages. The first stage involves the initial approval to incorporate (ATI), which includes submitting an Initial Disclosure Questionnaire (IDQ) to the Dubai Economy & Tourism with mandatory documents and initial payment of fees to obtain approval from the legal corporation. The second stage involves submitting documents to VARA according to the guidelines provided to apply for the license. It will also include getting feedback from VARA and paying the final fees.
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