In addition to legal registration with the Dubai government, digital asset companies that have expressed a desire to do business in the UAE must obtain a license from the Dubai Virtual Assets Regulatory Authority (VARA).
The VARA Board of Directors clarified that applying companies that are based or plan to open a representative office in the country are required to license their future activities with the Securities and Commodities Administration (SCA), as well as regulate their legal status and agree on the mechanism of operation.
At the same time, in order to consider an application for a license, the regulator has the right to request the provision of any documents or data from the operator of the virtual asset platform. The exception is crypto companies licensed to operate in financial free zones.
Earlier, Bloomberg, citing informed sources in VARA, reported that the regulator intends to make it more difficult for crypto companies to obtain a license to operate in the emirate.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
