Dubai issues a schedule of fees for activities related to digital assets

 

Dubai releases Digital Assets Activity Fee Table

The Dubai-based Virtual Asset Regulatory Authority (VARA)

has announced a fee schedule to regulate the granting of no

objection certificates to owned traders

and the evaluation of white papers on digital currency.

On June 22 :

• the regulatory authority announced

• the fee structure on its website in an effort

• to give completely transparent regulations

• for virtual asset service providers in Dubai.

Cryptocurrency traders looking to

work in Dubai will be required to have a NOC.

Before granting a no-objection certificate, VARA will evaluate the business activities of the developed company to ensure that it meets the minimum requirements.

If successful :

• proprietary businesses will be required to pay an annual fee of

• AED 1,000 (USD 272), with VARA not distinguishing between

• the sizes of advanced companies.

The fee schedule also states that licensed companies that are keen to terminate their operations will be required to pay a withdrawal fee of AED 10,000 ($2722)

While companies seeking to

update their license details will pay 500 dirhams ($136).

1. VARA's fee table provides
2. for cryptocurrency exporters looking to
3. submit their paperwork for review.

Once out of the gate :

exporters are expected to pay a submission fee of 5,000 UAE Dirhams

(USD 1,361)

and another 50,000 UAE Dirhams

(USD 13,612)

for a detailed review by the regulatory agency.

The table provides additional fees for reviewing legal opinions on proposed digital asset products up to 4,000 dirhams ($1,089).

If opinions or legal submissions are submitted to VARA for review and consideration of the regulatory environment applicable to the company's virtual asset activity

AED 4,000 maximum for the legal review charge

may be charged for a written confirmation provided by VARA.

Since its inception in 2022, VARA has issued several guidelines to regulate the cryptocurrency industry, including rules for marketing and promoting services.

In February, the regulator issued guidelines for digital asset providers' operations and a separate rule book on brokerage services.

Dubai is working hard to become a global player in digital assets

• VARA's positive attitude towards cryptocurrencies

• has provoked praise across the ecosystem

• indicating that the region is on track to become the World Web Centre 3.

Since the opening of VARA, other international participants, like Binance and Crypto, have gotten permits to work there, establishing the precedent for future exchanges.

Bybit has moved its headquarters to Dubai

mentioning the city's ambitious aspirations to

become a popular location for professionals in this industry.

Despite the pace of development, Dubai faces intense competition for the top spot from Hong Kong after a series of initiatives from Southeast Asia.