VARA licence

A Complete Guide to Obtaining a VARA Licence in Dubai

Understand the process, costs, and compliance requirements for launching a legally compliant virtual asset business in Dubai.

Why Dubai Is a Hub for Crypto and Blockchain Businesses

Dubai has become one of the most attractive locations for companies working with blockchain, cryptocurrency, and other virtual assets due to:

• No personal income tax
• Strong infrastructure and financial system
• Clear and supportive regulations
• Business-friendly government policies

To operate legally in this sector, a VARA licence is required.

Who Is This Guide For?

• Entrepreneurs establishing a virtual asset business in Dubai
• Investors and founders seeking regulatory clarity
• Crypto exchanges, NFT platforms, Web3 startups, and blockchain firms

What Is VARA?

The Virtual Assets Regulatory Authority (VARA) is Dubai’s official regulator for virtual assets. Established in 2022, VARA oversees businesses dealing in:

• Cryptocurrencies
• Blockchain technology
• Digital and virtual assets

A VARA licence is mandatory for any such company operating in Dubai.

Who Needs a VARA Licence?

• Crypto Exchanges – Digital currency trading platforms
• NFT Platforms – Platforms for minting and trading NFTs
• Web3 Startups – Decentralised application developers
• Crypto Payment Providers – Enabling crypto-based transactions
• Investment Funds & Asset Managers – Managing crypto portfolios
• Token Issuers & Projects – Launching cryptocurrencies or tokens
• Advisory & Consulting Firms – Providing professional services for virtual assets
• Custodians & Wallets – Secure storage for digital assets

Step-by-Step Guide to Getting a VARA Licence

Step 1: Submit Initial Disclosure Questionnaire (IDQ)

• Provide essential business details to VARA
• Submit through Dubai Economy & Tourism (DET) or a free zone authority

Step 2: Register Your Company

• Choose between a free zone (faster process) or mainland setup (greater flexibility)

Step 3: Build Compliance & Policy Framework (Most Important Step)

• Develop and submit a complete compliance framework (AML/KYC, governance, cybersecurity, etc.)
• Starting from $80,000, depending on business complexity

What Does a VARA Licence Cost?

Final pricing depends on business type and scope. Estimated Timeline: 3 to 12 months.

Choosing the Right Free Zone

Dubai offers several free zones suitable for virtual asset companies. Each has its own advantages:

DWTC (Dubai World Trade Centre)

• Best for: Large crypto exchanges, blockchain enterprises
• Direct VARA integration, credible reputation, structured approval

ADGM (Abu Dhabi Global Market)

• Best for: Investment funds, financial institutions
• Overseen by FSRA, based on common law, globally recognised

DMCC (Dubai Multi Commodities Centre)

• Best for: Mid-sized blockchain and crypto firms
• Dedicated Crypto Centre, accessible banking, flexible licensing

Business Banking for VARA-Licensed Companies

Opening a bank account is one of the biggest challenges due to crypto compliance restrictions.

Parker & Hill has strong ties with Zand Bank and other institutions that serve crypto businesses.

Why Zand Bank?

• Crypto-Friendly Approach – Tailored banking for digital asset firms
• VARA Compliance Expertise – Smooth collaboration with regulators
• Multi-Currency Accounts – Online banking & compliance support
• Flexible Terms – Fewer limitations than traditional banks

We also evaluate alternative banking options depending on business profile.

How Parker & Hill Helps with Banking Approval

• Prepare required KYC/AML documentation
• Identify and match clients with the right banking partners
• Accelerate approval process, reduce waiting times
• Increase chances of successful onboarding

With the right strategy, banking does not have to be a barrier to growth.

Why Choose Parker & Hill?

• Experience: Helped 15 of the 31 VARA-licensed companies
• Solid Expertise: In-depth understanding of regulations and banking
• Full-Service Approach: From licence to operational readiness

We don’t just help you get licensed – we build your foundation for long-term success.

Ready to Get Your VARA Licence?

How Parker & Hill Can Help You:

• Set Up Your Business – Select the ideal free zone and structure
• Secure Your VARA Licence – Full application and compliance assistance
• Open a Corporate Bank Account – With reliable crypto-friendly institutions
• Ongoing Regulatory Support – Ensure continued VARA and UAE law compliance