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

The Dubai Virtual Asset Regulatory Authority (VARA) precocious announced the docket of fees “covering the issuance of no-objection certificates to proprietary traders, amendments oregon withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to wholly retreat from Dubai volition beryllium asked to wage a licence withdrawal interest of $3,670.

Whitepaper Submission and Review

The Dubai integer plus regulator, Virtual Asset Regulatory Authority (VARA), precocious unveiled a docket of fees for “the issuance of no-objection certificates to proprietary traders, amendments oregon withdrawal of licence applications.” Also, successful its June 21 announcement, the regulator stated volition beryllium accepting and reviewing whitepaper submissions.

According to the announcement, proprietary traders successful the state volition beryllium required to person a alleged no-objection certificate (NOC) earlier commencing immoderate “proprietary trading successful oregon from the Emirate of Dubai.” The yearly NOC interest is pegged astatine astir $367 (AED1,000) and nary further fees are required from applicants.

For registered integer plus firms seeking to amend oregon alteration the details of their VARA license, a outgo of astir $184 is needed, the regulator said. On the different hand, licensed entities seeking to wholly retreat from the state volition beryllium asked to wage a licence withdrawal interest of $3,670.

Concerning the regularisation of whitepapers, VARA said issuers that question reappraisal nether its Virtual Asset Issuance Rulebook volition person to wage a interest of $1,830. An further interest equivalent to $18,300 volition beryllium required for the “completion of a elaborate review.” Similarly, requests to amend whitepapers volition besides beryllium taxable to a submission interest of $1,830 and a elaborate reappraisal interest of up to $18,300.

Meanwhile, successful instances wherever “legal opinions oregon memorandums” are submitted to the regulator for reappraisal and information for the “regulatory perimeter applicable to a firm’s virtual plus activity,” VARA said a interest of up to $1,090 whitethorn beryllium charged.

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