Dubai’s VARA sets licensing deadline for crypto firms
The Virtual Assets Regulatory Authority (VARA) in Dubai has asked local crypto currency companies to register or obtain a license no later than Nov. 17. According to the statement, if companies do not apply for a license, companies may be prohibited from operating in the emirate. “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 proactively get in touch, to avoid unintended regulatory consequences.” VARA statement More than 1,000 legacy companies have now applied to register under Dubai’s robust regulatory framework, demonstrating the city’s commitment to promoting an open and trusted virtual asset environment as the Emirate strengthens its place on the international stage. You might also like: Dubai offering 90% license fee discount to web3 projects The UAE authorities first started talking about issuing crypto currency licenses...