Dubai's Virtual Assets Regulatory Authority (VARA) is the world's first dedicated city-level virtual asset regulator. A VARA VASP licence is required for any virtual asset service or exchange operating in the Emirate of Dubai.
VARA was established in 2022 under Dubai Law No. 4 of 2022 and issues licences for virtual asset exchanges, broker-dealers, custodians, lending platforms, and transfer services. VARA applies a Minimum Viable Product (MVP) licensing pathway followed by a full VASP licence — enabling businesses to commence limited operations while the full application is reviewed.
Marensa Advisory guides virtual asset businesses through the full VARA authorisation process — from MVP application through full VASP licence, Rulebook compliance programme build, and ongoing regulatory obligations.
Discuss Your VARA VASP ApplicationVARA's regulatory framework is among the most comprehensive for virtual assets globally. Understanding its structure is essential before applying.
VARA's framework is detailed and evolving. Most applicants underestimate the depth of the Rulebook and the breadth of operational compliance required — particularly around AML/CFT, Travel Rule and technology risk.
Marensa Advisory advises virtual asset businesses on VARA licensing with a compliance-first approach — ensuring your framework is robust enough to withstand regulatory scrutiny from day one.
Start the ConversationCapital requirements depend on activity type. VA Exchange Services require AED 20 million minimum. VARA also prescribes minimum liquid asset buffers separate from capital, set in each activity-specific rulebook.
VARA applies to the Emirate of Dubai, including most Dubai free zones. DIFC has its own crypto token regime under the DFSA. ADGM has its own digital asset framework under the FSRA. Each IFC is regulated by its own authority, not VARA.
The MVP phase takes 3–6 months. The full VASP licence takes an additional 6–12 months. Total time from first application to full licence is typically 9–18 months depending on business complexity and application quality.
VARA covers the Emirate of Dubai. Other emirates have their own arrangements. ADGM in Abu Dhabi operates its own digital asset framework. Businesses operating UAE-wide should consider multi-emirate regulatory implications.