Dubai’s Virtual Assets Regulatory Authority (VARA) announced Tuesday that crypto firms registered under its new regulatory framework must complete their applications by Nov. 17.
See related article: XRP approved by Dubai’s Financial Services Authority
- For virtual asset service providers (VASPs) that are unable to complete their registration by Nov. 17, enforcement mechanisms will be “triggered by default,” the crypto regulator said.
- VARA said it has received applications from 1,000 to register under Dubai’s new regulatory regime.
- VARA’s virtual asset service provider (VASP) license allows firms to offer crypto services to qualified investors and institutional customers in Dubai.
- Dubai unveiled its crypto regulatory framework in February, placing the emirate as one of the top destinations for blockchain and crypto firms. The United Arab Emirates’ Securities and Commodities Authority said it started accepting applications from crypto firms in April.
See related article: Solana Foundation partners with DMCC Dubai