Virtual Assets Regulatory Authority (VARA) in Dubai, UAE Phone Number, Address, Hours
Location: Dubai, UAE
VARA is the world’s first, tailor-made Virtual Assets regime, and as such, its regulations are designed to specifically cater for the provision of permissible activities and services to customers and investors, in and from the emirate of Dubai.
Virtual Assets Regulatory Authority (VARA) Activities
- Advisory Services
- Broker-Dealer Services
- Exchange Services
- Lending and Borrowing Services
- Transfer and Settlements services
- Management and Investment Services
- Transfer and Settlements services
- Issuance Category 1
How to get Virtual Assets Regulatory Authority (VARA) License?
- Visit https://www.vara.ae/en/
- Submit an Initial Disclosure Questionnaire (IDQ) to Dubai Economy & Tourism (DET) or a relevant Free Zone (FZ).
- Provide additional documentation as required.
- Pay initial fees
- Receive an Initial Approval to finalise the firm’s legal incorporation and to complete operational set-up including office space rental, employee on-boarding, and so forth.
Are there any requirements for VASPs to appoint UAE Residents?
- VASPs need to ensure that their Senior Management team comprises suitably qualified individuals and that they appoint two ‘Responsible Individuals’
- Each Responsible Individual shall be a full-time employee of the VASP; a Fit and Proper Person; a resident of the UAE or a holder of a UAE passport. Fit and Proper Persons must be approved by VARA.
How to Register a Complaint in VERA?
- Visit https://www.vara.ae/en/register-a-complaint/
- Select your “Inquiry Type”
- Enter the “Name of Firm that is the Enter your Subject of your complaint and VASP Reference Number
- Enter your Complaint Registered Details (Name, Phone Number, Address, City, Country)
- Click “Submit”
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