If you want to run an exchange, custody service, broker-dealer, lending platform, or advisory business dealing in crypto or virtual assets anywhere in Dubai, you cannot simply set up a company and start trading. You need a license from the Virtual Assets Regulatory Authority (VARA), Dubai's dedicated crypto regulator, and that license is a completely separate process from forming your company.
VARA regulates eight categories of virtual asset activity: Advisory Services, Broker-Dealer Services, Custody Services, Exchange Services, Lending and Borrowing Services, Management and Investment Services, Transfer and Settlement Services, and VA Issuance. If your business model touches any one of them, you need a license covering that specific activity before you can operate, market, or onboard clients.
Licensing runs through an Initial Disclosure Questionnaire and Approval to Incorporate, then a Preparatory and Operating MVP phase, then a full VASP license. Reported total government fees commonly fall between roughly AED 40,000 and AED 100,000+, with a realistic 4 to 7 month timeline for a well-prepared applicant.
Full breakdown of activity categories, the mainland vs DMCC/free-zone routes, costs, timelines, and the Legacy Operator programme for pre-2023 operators:
Top comments (0)