Great News, Dubai (UAE) Is Now One Of The Most Crypto-Friendly Countries in the World
You can now apply for and obtain a FULL MARKET PRODUCT LICENCE from VARA (the Virtual Assets Regulatory Authority of Dubai), to Conduct your CRYPTO or VIRTUAL ASSET ACTIVITY in the Emirates of Dubai.
Here are the 7 Regulated CRYPTO ACTIVITIES that can be licenced by VARA, the Virtual Assets Regulatory Authority of Dubai.
1. CRYPTO Custody Services.
2. CRYPTO Advisory Services.
3. CRYPTO Exchange Services.
4. CRYPTO Broker-Dealer Services.
5. CRYPTO Lending & Borrowing Services.
6. CRYPTO Payments & Remittances Services.
7. CRYPTO Management & Investment Services.
Now, let’s analyse them one after the other.
1. CRYPTO Custody Services.
- Safekeeping Crypto or Virtual Assets for or on behalf of a party and acting only on verified instructions from or on behalf of such a party.
2. CRYPTO Advisory Services.
- Offering, providing, or agreeing to provide a personal recommendation to a client, either upon its request, or on the initiative of the entity providing the recommendation, in respect of one or more actions or transactions relating to any Crypto or Virtual Assets.
3. CRYPTO Exchange Services.
- Operating an exchange, trade, or conversion between one or more Crypto or Virtual Assets & fiat currency.
- Matching orders between buyers and sellers and conducting an exchange, trade, or conversion between (i) Crypto or Virtual Assets and fiat currency or (ii) one or more Crypt or Virtual Assets, or
- Maintaining an order book in furtherance of the above.
4. CRYPTO Broker-Dealer Services.
- Arranging orders for the purchase and sale of Crypto or Virtual Assets between two parties.
- Soliciting or accepting orders for Crypto or Virtual Assets & accepting fiat currency, or other Crypto or Virtual Assets, for such orders.
- Facilitating the matching of transactions in Crypto or Virtual Assets between buyers & sellers.
- Entering into Crypto or Virtual Asset transactions as a dealer on behalf of a party for the party’s own account.
- Making a market in Crypto or Virtual Assets using client assets; or providing placement, distribution or other issuance related services to clients issuing Crypto or Virtual Assets.
5. CRYPTO Lending & Borrowing Services.
- Carrying out a contract under which a Crypto or Virtual Asset shall be transferred or lent from one or more parties (the Lender) to one or more other parties (the Borrowers) where the Borrowers shall commit to return the same, at the request of the Lenders, at any time either during or at the end of the period agreed upon.
6. CRYPTO Payments & Remittances Services.
- Receiving Crypto or Virtual Assets, for the transmission or transfer of such Crypto or Virtual Assets from one party to another or from one Crypto or Virtual Assets Wallet, address, or location to another.
7. CRYPTO Management & Investment Services.
- Acting on behalf of a party as an agent, or fiduciary, or otherwise taking responsibility for the management, administration, or disposition of the crypto or virtual assets of that party.
Need a VARA licence for your CRYPTO or VIRTUAL ASSETS business?