VARA and DET Announce Availability of Virtual Assets Regulated Activities at Select Branches

HiDubai Newswire -

The Virtual Assets Regulatory Authority (VARA), in coordination with the Department of Economy and Tourism (DET), announced that the Virtual Assets Regulated Activities issued on 7th February 2023 are now available at the branches listed below.

VASP's (Virtual Asset Service Providers) seeking to operate in mainland Dubai or modify their existing commercial licenses may apply for the designated activities at these DET branches.

The regulated Virtual Asset (VA) activities that require a VARA license are as follows:

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

Additionally, for the VA Proprietary Trading activity, a commercial license is available, subject to VARA's No Objection Certificate (NoC).

Firms engaged in VA activities in Dubai (except the DIFC) prior to 7th February 2023 (Legacy) must submit their applications for regulatory oversight or relevant guidance from VARA by the final deadline of 30th April 2023.

Firms that fail to comply with the regulatory framework by the mentioned deadline should take immediate action or face substantial punitive measures, including material fines, penalties, and potential closure of their operations.

To avoid the risk of fines or regulatory action, it is advised to visit the branches listed below to modify existing licenses or apply for new VA licenses.

  1. Al Barsha Mall
  2. DED Café - Palm Strip Mall Jumeirah
  3. Al Twar Centre
  4. Dubai Mall
  5. Clock Tower Deira

For more information, please contact VARA via email at varaconnect@vara.ae or reach out to DET through the following communication channels:

Tel: 600555559

Email: info@dubaidet.ae

Download Circular: https://click.hidubai.com/det-vara-circular

Click here to know more: https://click.hidubai.com/vara-license