Dubai’s Virtual Assets Regulatory Authority (VARA) has focused much of its efforts during 2023 on establishing Dubai as the leading, responsible hub for regulated VA.
The regulator has awarded 19 regulated VASP licences – of which 11 are already operational. A further 72 Initial Approvals have been issued to new entrants to the Dubai market that have already commenced the licensing process.
VARA’s Minimum Viable Product [MVP] Licensing programme is being phased out as it has served the purpose for which it was initiated in a period where the full market regulations had not been formally launched.
Additionally, in view of legacy market operators, VARA has issued 133 Application Acknowledgment Notices, reflecting the proactive and responsive regulatory approach. A total of 116 Proprietary Trading NOCs have been issued, with an additional 37 assessed and ready to be issued while 94 non-VA activity confirmation notices were also issued.
Matthew White, CEO of VARA, highlighted the company’s commitment to enhancing the virtual assets ecosystem, ensuring a secure and innovative environment, and implementing regulatory enhancements for trading and market structures.
He said that VARA aims to collaborate closely with market participants, including traditional finance and native crypto, while adhering to best practice protocols, including those from FATF. The organisation is focused on furthering Dubai’s position as a global leader in the new economy, supported by a regulated virtual assets ecosystem, with the aim of contributing significantly to the GDP in 2024.
Source: WAM
