Securing a Virtual Asset License

A new dedicated hub for emerging industries related to Virtual Assets

Pioneering New Ventures in the Virtual Assets Space

Dubai has emerged as a central player in the global virtual assets space, with its persistent efforts to become a top financial services hub paying off. The DWTC Authority spearheads Dubai’s drive to a regulated virtual asset space, offering a perfect environment for businesses to grow within the virtual assets sector. From aspiring firms to established global brands, the DWTC Free Zone is a new home for the virtual assets ecosystem.

Many global VA companies have already chosen Dubai and the DWTC Free Zone as their base of operations, including Binance, OKX, Komainu, GCEX, Hex Trust, and Crypto.com. DWTC Authority actively extends its business environment and comprehensive services to bolster growth in the virtual assets landscape, positioning itself as a powerhouse of the up-and-coming digital economy.

Virtual Asset Licensed Activities

VARA’s different regulated Virtual Asset (VA) activities span the current spectrum of available VA services. VASPs seeking to offer the below services, in or from the emirate of Dubai, must first obtain a license from VARA before starting their operations. See the full list on the VARA website.

Advisory Services

Broker-Dealer Services

Custody Services

Exchange Services

Lending And Borrowing Services

Management And Investment Services

Transfer And Settlement Services

Other Activities

Proprietary Trading & Virtual Asset Issuance Activities

Find Out More

Virtual Assets Applications

We have created Application Guidelines to clarify the process of incorporating a FZCO,
FZE, or a Branch of a licensed UAE company for conducting Virtual Asset (VA) Activities
in the DWTC Free Zone. All applicants must fulfil the requirement of obtaining a VASP Licence from the Virtual Assets Regulatory Authority (VARA), in combination with an Operational License from DWTC Authority, to ensure compliance with regulatory standards.

Once the necessary licenses have been successfully acquired, applicants will be subject to regulations from DWTC Authority and other relevant UAE authorities. While DWTC Authority extends valuable guidance on the Dubai Virtual Asset Framework,
it should be noted that any guidance or decisions made by VARA fall outside
of our purview of responsibility and liability.

Download the Application Guidelines

Application Process

Applicants can establish their company/entity with DWTC Authority to conduct Virtual Asset activities by following the steps below.

1

Submit an Online Application

  • The applicant must include all documents requested by DWTC Authority.
  • More documents / further information may be requested based on DWTC Authority’s due diligence.

2

Secure DWTC Authority Initial Approval

  • The applicant must submit a completed Initial Approval VASP Questionnaire (VARA form) and obtain a pre-approval from VARA.
  • The applicant needs to pay the DWTC Authority fee.

3

Sign The Corporate Documents

  • The applicant must sign the Memorandum and Articles of Association with the required capital set by the DWTC Authority.

4

Submit Office Lease

  • The Applicant must provide a copy of the lease agreement of a private physical office, evidencing details of the premises leased to be used as the applicant’s registered office within the Free Zone.

5

Obtain A Non-operational Virtual Assets License

  • After completing the mandatory requirements, DWTC Authority will issue a Non-Operational Virtual Asset License to the applicant.

6

Operational License Issuance

  • The applicant must get VASP License/Exemption from VARA to conduct Virtual Assets activities.
  • DWTC Authority issues an Operational License.

Note: If the applicant does not obtain the VASP License from VARA within the one-year validity of the Non-Operational License issued by DWTC Authority, the non-operational license will not be renewed – this is inclusive of visas and establishment cards, if applicable. Any fee or costs paid to DWTC Authority will be forfeited by the applicant.

Application Process

Applicants can establish their company/entity with DWTC Authority to conduct Virtual Asset activities by following the steps below.

  • The applicant must include all documents requested by DWTC Authority.
  • More documents / further information may be requested based on DWTC Authority’s due diligence.

Note: If the applicant does not obtain the VASP License from VARA within the one-year validity of the Non-Operational License issued by DWTC Authority, the non-operational license will not be renewed – this is inclusive of visas and establishment cards, if applicable. Any fee or costs paid to DWTC Authority will be forfeited by the applicant.

Simple, FastAndAll Online

Submit your application for a Virtual Asset License via our eServices Platform

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Take your first step towards licensing by contacting our team