Establishing a Virtual Asset Service Provider (VASP) in Dubai in 2023
Since its inception in March 2022, the Virtual Assets Regulatory Authority (VARA) has taken the helm in Dubai, serving as the pioneering global regulator for virtual assets. VARA’s mission is to empower investors, enhance awareness of virtual asset activities and products, and foster innovation. VARA is entrusted with the task of regulating, supervising, and overseeing virtual assets and their related activities across all zones within the Emirate of Dubai.
In close partnership with the Dubai Department of Economy & Tourism (DET) and the Dubai Free Zone Authorities (FZA), VARA is adopting industry-leading standards in consumer protection and security across Dubai’s mainland and free zones. This collaborative effort is a driving force behind Dubai’s continuous economic and financial growth.
Within the following sections, the SALVUS Crypto-Assets Licensing team provides comprehensive insights for those considering the establishment of a Virtual Asset Service Provider (VASP) in Dubai. Our commentary covers key aspects, including:
- Regulated virtual asset activities — an exploration of which virtual asset activities fall under VARA’s regulatory purview.
- Regulatory fees and capital requirements — a breakdown of the financial obligations and capital requirements associated with the VASP license.
- Application procedure duration — insights into the timeframe involved in the application process.
- How SALVUS can assist your VARA application
Follow us on LinkedIn to #StayAhead — we regularly share bite-sized insights on LinkedIn such as those found in this article.
Find the full article here: https://salvusfunds.com/2023/11/03/establishing-a-virtual-asset-service-provider-vasp-in-dubai-in-2023/
