Dubai’s Virtual Assets Regulatory Authority (VARA) issued a reminder to Virtual Asset Service Providers (VASPs) and other commercial entities in or from the Emirate of Dubai on the requirements for Virtual Asset (VA) proprietary trading, including the need for prior authorisation and a VARA No Objection Certificate (NoC). Under the VARA Regulations 2023, VA proprietary trading is defined as any entity in the Emirate that actively invests its own portfolio in virtual assets. Commercial entities conducting this activity must hold a valid commercial trade licence with the correct activity code, “VA Proprietary Trading”, and obtain a VARA NoC, with entities lacking a valid commercial licence treated as being in breach. VARA also noted that all entities engaged in, or intending to engage in, VA activities (including VA proprietary trading) must undergo an assessment to determine the appropriate scope of regulatory oversight, and that a consolidated emirate-level registry of such entities will be maintained. VASPs are required to ensure their customers that are commercial entities conducting VA proprietary trading hold both a valid, appropriately coded commercial licence and a VARA-issued NoC.
Dubai Virtual Assets Regulatory Authority 2025-07-31
Dubai Virtual Assets Regulatory Authority reiterates licensing and No Objection Certificate requirements for virtual asset proprietary trading
Dubai’s Virtual Assets Regulatory Authority (VARA) reminded Virtual Asset Service Providers (VASPs) and commercial entities of the requirements for Virtual Asset (VA) proprietary trading. Entities must have a valid commercial trade licence with the activity code “VA Proprietary Trading” and a VARA No Objection Certificate (NoC). VARA emphasized the need for an assessment to determine regulatory oversight and maintain a consolidated emirate-level registry of entities engaged in VA activities.