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Dubai’s VARA Sets New Deadline for Crypto Entities To Get Licensed

Published 11/09/2023, 08:55 PM
Updated 11/09/2023, 09:15 PM
Dubai’s VARA Sets New Deadline for Crypto Entities To Get Licensed

  • Dubai’s VARA said crypto companies registered under a new legal framework have to finish their applications by November 17.

  • The virtual asset regulator said over 1,000 companies have filed to get licensed since April.

  • VARA warned companies who fail to comply with the deadline risk enforcement actions.

Crypto companies registered under Dubai‘s new legal framework have until November 17 to finish their applications. The Dubai Virtual Assets Regulatory Authority (VARA) recently made this announcement and warned crypto entities risk enforcement actions if they failed to comply.

Notably, the regulator said the announcement underscores its commitment to fostering a transparent and resilient virtual assets environment. According to VARA, over 1,000 companies have filed applications to register under its new regulatory regime.

Furthermore, VARA said Virtual Asset Service Providers (VASPs) who have yet to submit applications, have missed alerts from their commercial licensing authorities, or have submitted incomplete paperwork to contact them immediately. Per the announcement, the digital asset regulator said companies who failed to comply with the deadline m…

The post Dubai’s VARA Sets New Deadline for Crypto Entities To Get Licensed appeared first on Coin Edition.

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