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VARA's Warning: Dubai's Crypto Businesses Get Extra Time to Secure Licenses

Crypto companies operating under Dubai's recently established legal framework must complete their applications by November 17, according to an announcement by the Dubai Virtual Assets Regulatory Authority (VARA). 

The regulator emphasized that failure to comply could result in enforcement actions. VARA expressed its dedication to creating a transparent virtual assets environment and revealed that over 1,000 companies have applied for registration under the new regulatory regime. 

The announcement also urged Virtual Asset Service Providers (VASPs) who haven't submitted applications or have incomplete paperwork to rectify the situation promptly. Previously, VARA set August 31 as the deadline, but the new date seems to accommodate entities that missed the August cutoff.


As blockchain technologies gained prominence, Dubai emerged as a key hub for crypto institutions, establishing a dedicated regulatory agency. 

In February, the emirate introduced a crypto regulatory framework aimed at enhancing customer and company protections. VARA's VASP license enables companies to offer cryptocurrency services to eligible investors and institutional clients in Dubai. The United Arab Emirates' Securities and Commodities Authority began accepting applications from various companies since April of this year.