Virtual Assets Regulatory Authority (VARA): register, licences and requirements
Dubai's Virtual Assets Regulatory Authority (VARA) is the world's first standalone specialized digital asset regulator, established in 2022 to govern virtual assets across Dubai's mainland and free zones, excluding the DIFC. VARA licenses and supervises eight regulated activities, including exchange, broker-dealer, custody, lending, investment management, and stablecoin issuance, with 56 active licensed virtual asset service providers operating under its compulsory and activity-based rulebooks.
How to check a firm on the VARA register
The VARA Public Register enables users to search and filter regulated digital asset service providers across Dubai by entity name, licence category, reference number, or CMA registration identifier. Active entries detail the entity's commercial name, licence status (Active), reference code (e.g. VL/26/08/002), specific permitted activities, and official issuance date.4
At a glance
| Official name | Virtual Assets Regulatory Authority (سلطة تنظيم الأصول الافتراضية) |
|---|---|
| Jurisdiction | Dubai (VARA) |
| Type | Integrated financial regulator |
| Headquarters | Dubai1 |
| Founded | 20222 |
| Website | vara.ae3 |
| Public register | Official public register4 |
| Licence types in the Atlas | 7 |
What VARA supervises
Established under Dubai Law No. (4) of 2022, VARA is the world's first standalone specialized regulatory authority governing virtual assets. Operating as an independent public entity affiliated with the Dubai World Trade Centre Authority, VARA regulates, licenses, and oversees virtual assets, service providers, and market conduct across Dubai's mainland and free zones, excluding the DIFC.2
- Virtual asset broker-dealer services, including order execution, OTC brokerage, market making, and placement of virtual assets9
- Virtual asset exchange services, including crypto-to-crypto, fiat-to-crypto, and exchange-traded virtual asset derivatives9
- Virtual asset management and investment services, encompassing discretionary portfolio management and investment fund strategies9
- Virtual asset custody services, requiring structurally segregated standalone legal entities to safeguard customer keys, assets, and staking9
- Virtual asset lending and borrowing services, facilitating collateralised and bilateral lending transactions in virtual assets9
- Virtual asset advisory services, providing professional advisory and consulting services on virtual assets and token offerings9
- Virtual asset transfer and settlement services, governing the transmission and settlement of virtual assets between counterparties9
- Virtual asset issuance, comprising Category 1 Fiat-Referenced Virtual Assets (FRVA / stablecoins) and Category 2 token issuances9
- Virtual asset marketing, advertising, and promotions across Dubai, enforcing rigorous transparency disclosures and penalising unlicensed solicitations10
Licences VARA issues
- VASP · Dubai (VARA)
Virtual Asset Advisory Services Licence
- VASP · Dubai (VARA)
Virtual Asset Broker-Dealer Services Licence
- VASP · Dubai (VARA)
Virtual Asset Custody Services Licence
- VASP · Dubai (VARA)
Virtual Asset Exchange Services Licence
- VASP · Dubai (VARA)
Virtual Asset Lending and Borrowing Services Licence
- VASP · Dubai (VARA)
Virtual Asset Management and Investment Services Licence
- VASP · Dubai (VARA)
Virtual Asset Transfer and Settlement Services Licence
Lesser-known services for applicants
Pre-application meeting / pre-assessment
VARA provides a structured two-stage application procedure where Stage 1 serves as pre-licensing assessment. Applicants complete an Initial Disclosure Questionnaire (IDQ) submitted via Dubai Economy and Tourism (DET) or a Dubai Free Zone Authority (e.g. DWTC, DMCC), paying an initial review fee (typically 50% of the licence application fee, i.e. AED 20,000 to AED 50,000). Upon successful assessment, VARA issues an Approval to Incorporate (ATI), allowing legal incorporation, premise leasing, and staff onboarding before formal Stage 2 licensing review.5
Innovation hub
The regulator does not publish this.
Regulatory sandbox
Dubai operates Sandbox Dubai under Economic Agenda D33 to test and commercialise innovative emerging technologies. Additionally, VARA conducts controlled live testing initiatives, notably the Real Estate Tokenisation Pilot in partnership with the Dubai Land Department (DLD). Having concluded Phase 1 architecture validation, the pilot entered Phase 2 controlled evaluation for secondary-market trading under active regulatory oversight.6
Fee schedule: Schedule 2 'Supervision and Authorisation Fees' of the Virtual Assets and Related Activities Regulations 2023 sets fixed upfront application fees and recurring annual supervision levies per activity, extension fees at 50% of the lower activity fee, and discretionary risk-profile surcharges.7
Compare with other regulators: pre-application meetings · sandboxes and innovation hubs.
Statistics
- 56 active licensed Virtual Asset Service Providers (VASPs) published on the official VARA Public Register (2026-09-24)4
- 41 licensed VASPs authorised for Broker-Dealer Services on the public register (2026-09-24)4
- 15 licensed VASPs authorised for Exchange Services on the public register (2026-09-24)4
- 12 licensed VASPs authorised for Management and Investment Services on the public register (2026-09-24)4
- 6 licensed VASPs authorised for Custody Services on the public register (2026-09-24)4
- 5 licensed VASPs authorised for Lending and Borrowing Services on the public register (2026-09-24)4
- 3 licensed VASPs authorised for Advisory Services on the public register (2026-09-24)4
- 2 licensed VASPs authorised for Category 1 VA Issuance on the public register (2026-09-24)4
- 30 regulatory notices and enforcement actions published on the public notices registry (2026-09-24)11
Fees and timelines
| Licence | Statutory deadline | Observed |
|---|---|---|
| Virtual Asset Broker-Dealer Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Exchange Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Custody Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Management and Investment Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Lending and Borrowing Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Advisory Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Transfer and Settlement Services Licence | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
| Virtual Asset Category 1 Issuance Licence (Fiat-Referenced Virtual Assets / FRVA) | No fixed statutory determination deadline is prescribed by Law No. (4) of 2022 or Regulations 2023; VARA exercises discretionary review based on submission completeness.8 | not published |
Changing the owner of a licensed firm
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.12
Buying a company that already holds one of these licences is often faster than applying. See ready-made licensed companies · crypto digital assets.
Laws VARA applies
- 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
Recent and upcoming changes
- 2026-07-24: VARA issued Notice of Fines against Shelbit General Trading L.L.C for continued non-compliance following a January 2025 cease-and-desist order.11
- 2026-06-24: VARA issued Notice of Fines against Peken Global Limited (KuCoin) following an earlier investor and marketplace alert regarding unlicensed operations.11
- 2026-06-22: VARA issued Notice of Fines against MX Global LTD (MEXC) and CoinMENA FZE concerning ongoing supervisory controls and compliance enforcement.11
- 2026-06-12: VARA published comprehensive AML/CFT Business Risk Assessment Guidance for all licensed VASPs to strengthen risk identification and mitigation.13
- 2026-06-01: VARA issued circular on the publication of the UAE Proliferation Financing National Risk Assessment (PF NRA) 2026, mandating institutional compliance reviews across all VASPs.13
- 2026-02-19: VARA issued Consumer and Marketplace Alert confirming conclusion of Phase 1 of the Real Estate Tokenisation Pilot with Dubai Land Department and progression to Phase 2 controlled evaluation.6
- V.4 of the VARA Company Rulebook and Activity-based Rulebooks, effective 19 June 202514
Contacts and public register
Address: Dubai International Convention and Exhibition Centre, Sheikh Zayed Road, P.O. Box 9292, Dubai, United Arab Emirates1
Website: vara.ae3
Check whether a firm is licensed: official register4.
Frequently asked questions
What is the regulatory jurisdiction of VARA, and how does it relate to the DIFC and UAE federal authorities?
VARA is the sole authority regulating virtual assets across Dubai's mainland and free zones, excluding the Dubai International Financial Centre (DIFC), which remains under the separate jurisdiction of the DFSA. At the federal level, VARA coordinates with the Central Bank of the UAE (CBUAE) on payment token regimes and with the Securities and Commodities Authority (SCA) under Cabinet Resolutions No. 111 and 112 of 2022.
What are the two stages of the VARA licensing process for virtual asset service providers?
Applying for a VARA licence involves two stages. In Stage 1, applicants submit an Initial Disclosure Questionnaire (IDQ) to Dubai Economy and Tourism (DET) or a relevant Free Zone to obtain an Approval to Incorporate (ATI). In Stage 2, applicants submit full operational documentation, undergo compliance and risk reviews, pay supervision fees, and complete interviews to secure a full VASP licence.
How are licensing and supervisory fees structured under VARA regulations?
Under Schedule 2 of the Regulations 2023, initial application fees are AED 40,000 for Advisory and Transfer services, and AED 100,000 for Broker-Dealer, Exchange, Custody, Lending, Management, and Category 1 Issuance. Additional activities incur an extension fee equal to 50% of the lower application fee. Annual supervision levies range from AED 80,000 to AED 200,000 per licensed activity.
Can a single company combine exchange, brokerage, and crypto custody under a single VARA entity?
No. While a VASP may aggregate several activities under one overarching licence, VARA strictly requires Virtual Asset Custody Services to be segregated into a distinct legal entity with a standalone licence. Additionally, licensed VASPs cannot engage in proprietary trading within their regulated entity; proprietary trading requires a separate legal company holding a VARA No Objection Certificate (NOC).
What regulatory approval is required for a change of control in a VARA-licensed entity?
Any transaction resulting in a change of Control, defined as acquiring 25% or more of voting rights, holding power to direct policies, or having the ability to appoint or dismiss the majority of the board, requires prior written approval from VARA under Company Rulebook Part VIII.C. VARA must decide complete applications within thirty working days, with possible extensions.
How can investors verify whether a digital asset firm is authorised by VARA in Dubai?
Investors can search the official VARA Public Register at vara.ae/en/licenses-and-register/public-register/. The register lists all fully licensed Virtual Asset Service Providers (56 active licensees as of September 2026) and In-Principle Approval (IPA) holders, displaying their licence reference codes, approved activities, and status. IPA holders cannot serve clients until obtaining their full VASP licence.
Sources
- vara.ae: terms of use · retrieved 2026-09-24
- vara.ae: about vara · retrieved 2026-09-24
- vara.ae · retrieved 2026-09-24
- vara.ae: public register · retrieved 2026-09-24
- vara.ae: licence applications · retrieved 2026-09-24
- vara.ae: vara consumer and marketplace alert update on the real estat · retrieved 2026-09-24
- rulebooks.vara.ae: schedule 2 supervision and authorisation fees · retrieved 2026-09-24
- rulebooks.vara.ae: b varas licensing and authorisation powers · retrieved 2026-09-24
- vara.ae: licensed activities · retrieved 2026-09-24
- rulebooks.vara.ae: marketing regulations 0 · retrieved 2026-09-24
- vara.ae: regulatory notices · retrieved 2026-09-24
- rulebooks.vara.ae: c change control · retrieved 2026-09-24
- vara.ae: news · retrieved 2026-09-24
- rulebooks.vara.ae: virtual assets and related activities regulations 2023 · retrieved 2026-09-24
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