The VASP licensing scheme provides detailed regulations and guidelines for Virtual Asset activities and services provided by the Virtual Asset Regulatory Authority (VARA). VARA's VASP licensing scheme consists of four essential rulebooks: Company, Compliance and Risk Management, Technology and Information, and Market Conduct, and seven activity-specific rulebooks: Advisory, Broker-Dealer, Custody, Exchange, Lending & Borrowing, Payments & Remittances, and Management & Investment.

 

[1] VASPs must comply with the rules applicable to their operations and business models in accordance with the Rulebook for each activity. VARA also has rules for all Virtual Asset issuances and regulations for Virtual Asset marketing activities. [2]

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The VASP license application consists of a three-step MVP process and an FMP process. The MVP process consists of Provisional MVP, Preparatory MVP, and Operational MVP, while the FMP process consists of FMP Provisional and FMP Operational. [1]

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​Sources:

[1] https://www.vara.ae/en/#varaCollaborators_4

[2] https://www.vara.ae/en/regulations