Dubai’s Virtual Asset Regulatory Authority (VARA) has set a new deadline for all crypto-related businesses to clear their licensing papers.
Local cryptocurrency businesses have been ordered by Dubai’s Virtual Assets Regulatory Authority (VARA) to register or receive a license by November 17 at the latest. According to the statement, companies may only be allowed to operate in the Emirate if they apply for a license.
“VARA is calling on VASPs that have yet to submit the applications, have missed the notifications from their commercial licensing authorities, or have submitted incomplete forms to get in touch, to avoid unintended regulatory consequences proactively.”
As the Emirate solidifies its position on the global scene, more than 1,000 heritage businesses have already filed to register under Dubai’s strict regulatory framework, indicating the city’s dedication to fostering an honest and transparent virtual asset environment.
The UAE government first raised the prospect of granting licenses for cryptocurrency in February 2022. The government would, therefore quicken the entry of overseas bitcoin businesses.
The administration has started implementing regulations using a “hybrid approach.” This implies that the Central Bank and the local exchange regulator will work together to provide supervision.
In February, authorities in Dubai imposed new rules on cryptocurrency businesses, mandating that they apply for and receive the necessary licenses to conduct business there. Different regulations, including issuance, consultation, storage, and exchange services, cover some operations.
