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According to the VARA press release, private cryptocurrency trading companies must obtain a No Objection Certificate (NOC) in order to operate in the emirate of Dubai or the UAE. Before issuing this certificate, VARA will assess whether the company’s trading activities meet the minimum requirements. After successfully passing the inspection, any private companies will have to pay an annual fee of 1,000 dirhams (about $272).
Licensed companies that want to change or update information on a VARA license will be charged AED 500 (about $136). Companies that are licensed but want to wind down their virtual asset operations in Dubai will be charged a license revocation fee of 10,000 UAE dirhams ($2,722).
Digital asset issuers wishing to submit their documents to the regulator for review under VARA’s Virtual Asset Rules must pay a technical document filing fee of AED 5,000 (about $1361). A fee of up to 50,000 dirhams ($13,612) will be charged for conducting a subsequent detailed technical document check;
Accordingly, the maximum amount paid for filing and reviewing documents will be AED 55,000 (about $15,000). The regulator also provides for an additional fee of up to Dh4,000 (about $1,089) to review legal opinions on digital assets.
Recall that in February, VARA presented requirements for virtual asset service providers, among them mandatory licensing. In April, authorities in Dubai have already begun accepting applications from cryptocompanies for licenses.<br