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VARA activity-specific regulations
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VARA rulebook registers
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Dubai
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The Virtual Assets Regulatory Authority (VARA) is Dubai's dedicated regulator for virtual asset service providers. Established in 2022 under Law No. 4, VARA has issued a layered regulatory framework — the VARA Rulebook — that applies to all VASPs operating in Dubai. For compliance teams at exchanges, custodians, broker-dealers, and virtual asset investment managers, navigating VARA's multi-document framework is a significant compliance burden. Lexara indexes the complete VARA regulatory corpus and makes it searchable — from the Company Regulations to each Activity-Specific Regulation — with AI Explorer for plain-English questions.
Explained in video
VARA, step by step
Short explainer series narrated over diagrams, with the article behind every claim. Each video is about two minutes and starts the next.
VARA rulebooks, chapter by chapter
Each rulebook page lists every chapter and article with a plain-English summary.
VARA Compliance and Risk Management Rulebook
Virtual Assets Regulatory Authority · 232 articles · 44 chapters
I.A General principles · I.B Compliance management system · I.C Duties of the Compliance Officer · I.D Risk management · I.E Operation management · I.F Books and records · +38 more
VARA Company Rulebook
Virtual Assets Regulatory Authority · 205 articles · 50 chapters
Cessation of business · Change of Control · I.A Company ownership structure · I.B The Board · I.C Responsible Individuals · I.D Senior Management · +44 more
VARA Market Conduct Rulebook
Virtual Assets Regulatory Authority · 62 articles · 15 chapters
I.A Marketing Regulations · II.A Requirement for written agreements · II.B Content of Client Agreements · III.A Complaints handling requirements · III.B Complaints handling procedures · IV.A Investor classifications · +9 more
VARA Technology and Information Rulebook
Virtual Assets Regulatory Authority · 49 articles · 15 chapters
I.A Technology Governance and Risk Assessment Framework · I.B Cybersecurity Policy · I.C Cybersecurity - other legal and regulatory obligations · I.D Cryptographic keys and VA Wallets management · I.E Testing and audit · I.F Virtual Asset transactions · +9 more
Dubai Law No. (4) of 2022 and related regulations
Virtual Assets Regulatory Authority · 51 articles · 17 chapters
Chapter Three - Regulating Virtual Assets · Federal Virtual Asset Framework · Part I - Marketing of Virtual Assets and Related Activities · Part I - The Regulator · Part I.C - Requirements for Marketing · Part I.E - Platforms and Channels · +11 more
VARA Custody Services Rulebook (version dated 19 May 2025)
Virtual Assets Regulatory Authority · 38 articles · 4 chapters
Custody Services · Part I.B.3 · Part III.D.5 · Part IV.E.7
VARA Virtual Asset Issuance Rulebook (effective 19 June 2025), incl. FRVA and ARVA annexes
Virtual Assets Regulatory Authority · 28 articles · 2 chapters
VA Issuance · Part III.B.7; Part III.C.3
VARA Exchange Services Rulebook (effective 31 March 2026)
Virtual Assets Regulatory Authority · 28 articles · 3 chapters
Exchange Services · Part IV.C.1.l · Part V.C.5
VARA Broker-Dealer Services Rulebook (version dated 19 May 2025)
Virtual Assets Regulatory Authority · 18 articles · 2 chapters
Broker-Dealer Services · Part III.C.1.l
VARA VA Management and Investment Services Rulebook (version dated 19 May 2025)
Virtual Assets Regulatory Authority · 15 articles · 2 chapters
VA Management and Investment Services · Part II.A.3
VARA VA Transfer and Settlement Services Rulebook (version dated 19 May 2025)
Virtual Assets Regulatory Authority · 15 articles · 3 chapters
Part II.C.5 · Part II.F.3 · VA Transfer and Settlement Services
VARA Lending and Borrowing Services Rulebook (version dated 19 May 2025)
Virtual Assets Regulatory Authority · 14 articles · 2 chapters
Lending and Borrowing Services · Part II.C.1
Latest VARA updates
Virtual Assets Regulatory Authority · 14 Oct 2026
D. Category 1 VA Issuance
Virtual Assets Regulatory Authority · 14 Oct 2026
Virtual Asset Issuance Rulebook
Virtual Assets Regulatory Authority · 12 Oct 2026
B. Whitepaper Requirements
Virtual Assets Regulatory Authority · 6 Oct 2026
Circular: regarding Reserve Assets Audit Report
Virtual Assets Regulatory Authority · 24 Jul 2026
VARA Notice of Fines - Shelbit General Trading L.L.C
Virtual Assets Regulatory Authority · 2 Jul 2026
VARA Issues 50th VASP Licence as Dubai's Regulated Virtual Assets Market Continues to Grow
Virtual Assets Regulatory Authority · 24 Jun 2026
VARA Notice of Fines - Peken Global Limited ("Kucoin")
Virtual Assets Regulatory Authority · 22 Jun 2026
VARA Notice of Fines - CoinMENA FZE
VARA Rulebook: the four-tier regulatory structure
VARA's regulatory framework is structured across four documents that apply cumulatively to all licensed VASPs. Understanding the hierarchy is essential for compliance officers mapping obligations to their licence category.
Company Regulations — universal obligations for all VARA-licensed entities
Compliance and Risk Management Regulations — AML/CFT, risk framework, internal controls
Technology and Information Regulations — IT security, operational resilience, custody tech
Market Conduct Regulations — trading rules, market abuse, client protection
Activity-Specific Regulations: one per licence category
In addition to the universal rulebook, VARA has issued a dedicated Activity-Specific Regulation (ASR) for each of the seven licensed virtual asset activities. Each ASR contains operational requirements specific to that activity — capital, segregation, reporting, and conduct standards.
Advisory Services ASR — investment advice on virtual assets
Broker-Dealer Services ASR — buying/selling virtual assets for clients
Custody Services ASR — safekeeping and control of virtual assets
Exchange Services ASR — operating a virtual asset trading platform
Lending and Borrowing Services ASR — crypto lending products
VA Transfer and Settlement Services Rulebook — moving virtual assets between parties
Management and Investment Services ASR — VA fund and portfolio management
VARA AML and compliance obligations
VARA's Compliance and Risk Management Regulations impose detailed AML/CFT obligations on all licensed VASPs — including Travel Rule compliance, which is a VARA-specific requirement that many traditional compliance frameworks do not cover.
Customer Due Diligence to CBUAE AML standards
Travel Rule: originator and beneficiary information for VA transfers above AED 3,675
Suspicious Transaction Reports to UAE FIU (goAML system)
Annual AML risk assessment and MLRO appointment requirements
Sanctions screening for all customers and counterparties
Enhanced Due Diligence for high-risk customers and high-value transactions
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Common questions
What is VARA in the UAE?
VARA (Virtual Assets Regulatory Authority) is Dubai's regulator for virtual asset service providers, established in 2022. It issues mandatory regulations for all VASPs operating in Dubai, covering exchange, custody, broker-dealer, advisory, lending, payments, and investment management services.
What activities does VARA regulate?
VARA regulates seven virtual asset activities: Advisory, Broker-Dealer, Custody, Exchange, Lending and Borrowing, Management and Investment, and Transfer and Settlement Services. Each has its own activity rulebook, and issuing virtual assets has a separate Issuance Rulebook.
Is a VARA licence required to operate a crypto exchange in Dubai?
Yes. Any entity offering virtual asset exchange services to UAE residents from or within Dubai (excluding DIFC) must hold a VARA Exchange Services Licence. Operating without a licence is an offence under Dubai Law No. 4 of 2022.
Does VARA regulate DeFi and NFTs?
VARA's framework applies to virtual asset activities broadly. Certain DeFi and NFT activities may fall within regulated categories depending on how they are structured. VARA has indicated it will issue additional guidance on NFTs and decentralised protocols. Lexara indexes VARA's published guidance alongside the core Rulebook.
Is VARA the same as ADGM FSRA for crypto?
No. VARA regulates virtual asset businesses in Dubai (excluding DIFC). The ADGM FSRA regulates virtual assets within Abu Dhabi Global Market. Each requires a separate licence from the relevant authority.
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