Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities

Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670.

Whitepaper Submission and Review

The Dubai digital asset regulator, Virtual Asset Regulatory Authority (VARA), recently unveiled a schedule of fees for “the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications.” Also, in its June 21 announcement, the regulator stated will be accepting and reviewing whitepaper submissions.

According to the announcement, proprietary traders in the country will be required to have a so-called no-objection certificate (NOC) before commencing any “proprietary trading in or from the Emirate of Dubai.” The annual NOC fee is pegged at approximately $367 (AED1,000) and no further fees are required from applicants.

For registered digital asset firms seeking to amend or change the details of their VARA license, a payment of approximately $184 is needed, the regulator said. On the other hand, licensed entities seeking to completely withdraw from the country will be asked to pay a license withdrawal fee of $3,670.

Concerning the regulation of whitepapers, VARA said issuers that seek review under its Virtual Asset Issuance Rulebook will have to pay a fee of $1,830. An additional fee equivalent to $18,300 will be required for the “completion of a detailed review.” Similarly, requests to amend whitepapers will also be subject to a submission fee of $1,830 and a detailed review fee of up to $18,300.

Meanwhile, in instances where “legal opinions or memorandums” are submitted to the regulator for review and consideration for the “regulatory perimeter applicable to a firm’s virtual asset activity,” VARA said a fee of up to $1,090 may be charged.

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