In today’s fast-paced world of virtual assets, responsible innovation and regulatory supervision are more vital than ever. Dubai made a bold move forward by launching the Virtual Assets Regulatory Authority (VARA) in March 2022. VARA is the world’s first independent regulator for virtual assets, bringing transparency and trust to the emerging industry. The blog will cover what VARA is. What does VARA do? and How to get a VARA licence in Dubai with the help of Next Generation Corporate Services, the expert Professional Corporate Service Provider in Dubai.
VARA’s Role in the Governance of Virtual Assets
VARA was established pursuant to Law No.4 of 2022, which designated it as the competent authority to regulate, supervise and oversee VAs and VA Activities in Dubai Emirate. This covers all categories plus the SDZs and FZs (USDAP, not DIFC). VARA played a key role in shaping Dubai’s regulatory landscape to safeguard investors and set international standards for the governance of the Virtual Asset sector.
VARA’s Unwavering Global Pledge
In 2023, the VA framework was released by VARA. This further highlights the focus on financial sustainability and cross-border integrity, a key aspect in mitigating ML/TF risks arising from virtual assets as the UAE works to regulate this industry. The VA Framework goes a step further to provide that regulatory certainty by spelling out operator obligations and setting the gold standard in risk assurance and Anti-Money Laundering (AML) standards for licensed entities in Dubai.
The Mission of VARA in Dubai
VARA’s mandate is straightforward: to establish Dubai as a Virtual Assets and related services hub for the region and beyond. This mission includes:
- Building Dubai’s globally competitive digital economy.
- Fostering a team effort to develop effective rules of the road to protect consumers and address scams.
- To bring investments & companies into the Dubai Virtual Asset ecosystem.
- To Empower its customers through education and innovation within the growing field of Virtual Asset services.
- Issuing the requisite laws, regulations and guidelines on supervising Virtual Asset Platforms and Service Providers.
How to Get a VARA License in Dubai
If you want to be part of Dubai’s flourishing Virtual Asset sector, getting a VARA license is a must. VARA digitises and simplifies the licensing process, making certain companies comply with all required regulations. To get a VARA license, you should:
- Get to know the ins and outs of VARA by reaching out to Next Generation Corporate Services.
- Compile all the necessary paperwork, such as business plans and compliance protocols.
- Send your application to VARA for further consideration.
- Fulfill any further requirements or specifications for the examination.
- Once approved, you must adhere to the guidelines and standards established by VARA in order to responsibly and ethically operate your Virtual Asset-related business in Dubai.
Get Your VARA License in Dubai with Next Generation Corporate Services
Dubai-based Virtual Assets Regulatory Authority (VARA) is leading the way in defining the future of this industry. With its focus on transparency, global standards and investor protection, VARA is creating a successful digital asset ecosystem in the Middle East. In order to be part of this exciting industry, it is essential to know and get a VARA license for the mission of VARA. Next Generation Corporate Services is your go-to business consultancy in Dubai, which provides the best professional Corporate and Business Setup Services in Dubai and will help you get your VARA License in Dubai in no time. Contact Next Generation Corporate Services today!