According to a press release from VARA, private cryptocurrency trading companies must obtain a No Objection Certificate (NOC) in order to operate in the emirate of Dubai or the UAE. Before issuing this certificate, VARA will assess whether the company’s trading activity meets the minimum requirements. Upon successful verification, any private companies will be required to pay an annual fee of 1,000 dirhams (about $272).
Licensed companies that wish to change or update information in a VARA license will be charged AED 500 (about $136). Companies holding a license but wishing to wind down their VA activities in Dubai will be charged a license revocation fee of AED 10,000 ($2,722).
Digital asset issuers wishing to submit their documents to the regulator for review under the VARA Virtual Asset Issuance Rules must pay a technical document filing fee of AED 5,000 (approximately $1,361). Up to AED 50,000 ($13,612) will be charged for a subsequent detailed review of the technical document.
Accordingly, the maximum amount paid for filing and reviewing documents will be 55,000 dirhams (about $15,000). The regulator also provides for an additional fee for reviewing legal opinions regarding digital assets – up to 4,000 dirhams (about $1,089).
Recall that in February, VARA presented requirements for virtual asset service providers, among which is mandatory licensing. In April, Dubai authorities have already started accepting applications from crypto companies for licenses.
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