Dubai’s crypto regulator, the Virtual Assets Regulatory Authority (VARA), has urged firms operating in the emirate to meet to final deadline of November 17 to register or obtain a licence, or be asked to decommission.
Firms will face automatic enforcement mechanisms if they do not meet the deadline or contact the authority.
VARA said 1,000 firms have filed applications to register under Dubai’s regulatory framework following the introduction of Law 4 of 2022, which requires all virtual asset service providers (VASPs) or those taking part in virtual asset activities in the emirate to obtain licences or registrations under VARA.
“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,” the authority said.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)