Virtual Asset Advisory Services Licence (Dubai (VARA))
The Virtual Asset Advisory Services Licence covers professional advice and consulting on virtual assets and token offerings in Dubai under VARA's Law No. (4) of 2022. It carries the lowest capital bar of any VARA licence, AED 100,000 paid-up, with a AED 40,000 application fee and AED 80,000 annual supervision fee. VARA gives no fixed statutory deadline for deciding the application.
At a glance
| Official name | Virtual Asset Advisory Services Licence1 |
|---|---|
| Also known as | VARA advisory licence · Dubai crypto advisory licence · VA Advisory Services licence |
| Issued by | Virtual Assets Regulatory Authority |
| Jurisdiction | Dubai (VARA) |
| Licence family | Virtual asset service provider (non-MiCA) |
| Legal basis | Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai2 Cabinet Decision No. 111/2022 on the Regulation of Virtual Assets and Their Service Providers3 Cabinet Decision No. 112/2022 on Delegating Certain Competencies related to the Regulation of Virtual Assets4 |
| Passporting | Domestic only |
| Minimum capital | AED 100,0005 |
| Application fee | AED 40,0006 |
| Annual fee | AED 80,0006 |
| Statutory decision time | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.7 |
| Public register | official register8 |
| Current holders | 38 |
What it lets you do
| Advice on crypto-assets | Giving personalised recommendations to a client about transactions in crypto-assets or the use of crypto-asset services. |
|---|
Where it is valid
Requirements
| Requirement | What is needed | Legal reference |
|---|---|---|
| Capital and people assessed | ||
| Minimum capital | AED 100,0005 | |
| Ongoing own funds | Net Liquid Assets must be maintained at all times at no less than 1.2x monthly operating expenses, reconciled daily and reported to VARA monthly; eligible Net Liquid Assets are limited to cash/cash-equivalents or AED/USD-referencing virtual assets approved by VARA.9 | |
| Who is assessed | Every Board member is individually vetted and approved by VARA as Fit and Proper on appointment and re-assessed at least annually. The two Responsible Individuals and Senior Management are vetted the same way at licensing. Controlling Entities and Ultimate Beneficial Owners must be identifiable in the ownership chain and declared free of PEP/sanctions exposure; any party reaching 25% or more of voting rights or equivalent control is treated as a Controlling Entity.10 | |
| Substance and people | ||
| Management and people | The VASP must maintain two Responsible Individuals: full-time employees who are Fit and Proper and are either UAE residents or UAE passport holders: notified to and approved by VARA during the licensing process.11 | |
| Management and people | Every Board member must be individually assessed by the VASP and approved by VARA as a Fit and Proper Person, with the Board re-confirming each member's status at least annually.10 | |
| AML/CFT | A Money Laundering Reporting Officer with at least two years' AML/CFT experience must be appointed and confirmed Fit and Proper; the MLRO reports to the Board quarterly on AML/CFT policy effectiveness, may hold other non-client-facing roles, and AML/CFT tasks may be outsourced only if the MLRO remains fully accountable.12 | |
| Local presence | The licensee must be incorporated in Dubai and hold a VARA Permit before it may obtain the underlying commercial licence or commence virtual asset business.2 | |
| Conditions to keep the licence | ||
| Withdrawal | VARA may vary, suspend (for up to six months) or revoke the Licence/Permit for material regulatory breach, insolvency, an unpaid court judgment, or other good cause, alongside cancellation of the underlying commercial licence.2 | |
| Reporting | Net Liquid Assets must be reconciled daily and reported to VARA monthly, maintained at no less than 1.2x monthly operating expenses at all times.9 | |
| Requirement | Controlling Entities and Ultimate Beneficial Owners must be kept identifiable in the ownership chain and declared free of Politically Exposed Person or sanctions status.13 | |
| AML/CFT | The MLRO must report to the Board at least quarterly on the effectiveness of the VASP's AML/CFT policy.12 | |
Cost
Buying a company that already holds it
The VARA Permit/Licence itself is not transferable or assignable to another party without VARA's prior approval; an unauthorised assignment is null and void (Article 17, Law No. (4) of 2022). A change of ownership is instead effected as a share or asset deal in the licensed entity, which separately requires VARA's prior written approval once 25% or more of voting rights or equivalent control passes to the acquirer (see change_of_control).2
Prior approval required. Under Company Rulebook Part VIII.C, no action may be taken that may result in a change of Control of a VASP without VARA's prior written approval. Prior to any transaction, the VASP and acquirer must submit a joint written application. Control is presumed when an entity directly or indirectly owns or controls 25% or more of voting shares, possesses power to direct management/policies, or can appoint or dismiss the majority of the Board or Senior Management. The statutory assessment period is thirty (30) Working Days from deemed receipt of a complete application, extendable by VARA. Assessments consider public interest, investment vs controlling intent, board influence, and fit-and-proper standards.14
Ready-made companies holding this licence: see verified positions.
VASP in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | VASP licenceFinancial Services Permission with Virtual Asset Activities Endorsement | FSRA | USD 250,000 | USD 20,000 | n/a |
| Australia | VASP licenceRegistration as a virtual asset service provider (VASP) on the AUSTRAC Virtual Asset Service Provider Register (formerly the Digital Currency Exchange Register) | AUSTRAC | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class F (Full) Licence | BMA | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class M (Modified) Licence | BMA | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class T (Test) Licence | BMA | n/a | n/a | n/a |
| British Virgin Islands | Virtual Assets Service Provider Registration | BVI FSC | n/a | n/a | n/a |
| Cayman Islands | Virtual Asset Service Provider Licence | CIMA | n/a | KYD 5,000 | n/a |
| Cayman Islands | Virtual Asset Service Provider Registration | CIMA | n/a | KYD 1,000 | n/a |
| Dubai (VARA) | Virtual Asset Advisory Services Licence | VARA | AED 100,000 | AED 40,000 | n/a |
| Dubai (VARA) | Virtual Asset Broker-Dealer Services Licence | VARA | AED 600,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Custody Services Licence | VARA | AED 600,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Exchange Services Licence | VARA | AED 1,500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Lending and Borrowing Services Licence | VARA | AED 500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Management and Investment Services Licence | VARA | AED 500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Transfer and Settlement Services Licence | VARA | AED 500,000 | AED 40,000 | n/a |
| Dubai International Financial Centre (DIFC) | Financial Services Permission with Crypto Token Activities Endorsement | DFSA | USD 1,000,000 | USD 15,000 | n/a |
| El Salvador | Proveedor de Servicios de Activos Digitales (PSAD) registration | CNAD | USD 2,000 | USD 5,475 | ~0.9 mo |
| Germany | Qualified crypto custody licence | BaFin | n/a | n/a | n/a |
| Ireland | Virtual Asset Service Provider AML/CFT Registration | CBI | n/a | n/a | n/a |
| Mauritius | Virtual Asset Advisory Services (Class I) | FSC | n/a | n/a | n/a |
| Mauritius | Virtual Asset Broker-Dealer (Class M) | FSC | n/a | MUR 2,000,000 | n/a |
| Mauritius | Virtual Asset Wallet Services (Class O) | FSC | n/a | n/a | n/a |
| Mauritius | Virtual Asset Custodian (Class R) | FSC | n/a | MUR 5,000,000 | n/a |
| Mauritius | Virtual Asset Market Place (Class S) | FSC | n/a | MUR 6,500,000 | n/a |
| Seychelles | Virtual Asset Service Provider Licence / RegistrationVirtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024 | FSA | n/a | SCR 75,000 | n/a |
| South Africa | Crypto Asset Service Provider licenceCrypto Asset Service Provider licence (an FSP authorisation category under FAIS, not a MiCA-equivalent regime) | FSCA | n/a | n/a | n/a |
| Switzerland | Financial intermediary / VASP SRO affiliation | FINMA | CHF 10,000,000 | CHF 1,600 | n/a |
| United Kingdom | Cryptoasset Business Registration (MLRs 2017) | FCA | n/a | GBP 11,260 | ~3 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
- Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai: Law No. (4) of 2022
- Virtual Assets and Related Activities Regulations 2023: Virtual Assets and Related Activities Regulations 2023
Getting this licence
Protegra handles this licence end to end: crypto licensing in Dubai (VARA): process, timeline and our fee.
Frequently asked questions
How much capital does a VARA advisory licence need?
Company Rulebook Rule VI.B sets a fixed AED 100,000 paid-up capital requirement for Advisory Services, with no percentage-of-overheads alternative found in the sources checked. That makes it the cheapest capital bar of any VARA-licensed virtual asset activity.
What can a VARA-licensed advisory firm actually do?
The licence covers professional advisory and consulting services on virtual assets and token offerings, as one of VARA's defined regulated activities under Schedule 1 of the Virtual Assets and Related Activities Regulations 2023. It does not by itself permit executing trades, holding client assets in custody, or issuing tokens: those need their own licences.
How long does a VARA advisory licence application take?
Neither Law No. (4) of 2022 nor the 2023 Regulations fix a statutory decision deadline; VARA reviews applications at its discretion once the submission is complete, following the same two-stage Initial Disclosure Questionnaire and full-licensing review used for all VASP activities.
Who at an advisory VASP has to pass VARA's fit-and-proper check?
Every Board member individually, the firm's Senior Management, and its two designated Responsible Individuals must each be assessed Fit and Proper before appointment, with the Board reconfirmed at least annually. Controlling Entities and Ultimate Beneficial Owners must also be identified and declared free of PEP or sanctions exposure.
Can ownership of a VARA advisory licence change hands?
The licence itself cannot be sold or assigned: Article 17 of Law No. (4) of 2022 voids any unauthorised transfer. A sale instead takes the form of a share deal in the licensed company, and crossing 25% of voting rights or control requires VARA's prior written approval as a change of Control.
Sources
- vara.ae: licensed activities · retrieved 2026-09-24
- VARA Rulebooks: law no 4 2022 regulating virtual assets emirate dubai · retrieved 2026-09-24
- VARA Rulebooks: cabinet decision no 1112022 regulation virtual assets and th · retrieved 2026-09-24
- VARA Rulebooks: cabinet decision no 1122022 delegating certain competencies · retrieved 2026-09-24
- VARA Rulebooks: b paid capital · retrieved 2026-09-24
- VARA Rulebooks: schedule 2 supervision and authorisation fees · retrieved 2026-09-24
- VARA Rulebooks: b varas licensing and authorisation powers · retrieved 2026-09-24
- vara.ae: public register · retrieved 2026-09-24
- VARA Rulebooks: c net liquid assets · retrieved 2026-09-24
- VARA Rulebooks: b board · retrieved 2026-09-24
- VARA Rulebooks: c responsible individuals · retrieved 2026-09-24
- VARA Rulebooks: appointment and duties money laundering reporting officer · retrieved 2026-09-24
- VARA Rulebooks: company ownership structure · retrieved 2026-09-24
- VARA Rulebooks: c change control · retrieved 2026-09-24
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