Friday, June 21, 2024

The Dubai Virtual Asset Regulatory Authority (VARA) has recently disclosed the schedule of fees pertaining to various virtual asset-related activities. These fees cover processes such as the issuance of no-objection certificates to proprietary traders, amendment or withdrawal of license applications, and the submission of whitepapers for review by VARA. In addition, VARA has revealed its intention to accept and assess whitepaper submissions.

According to VARA’s announcement, proprietary traders in Dubai are obligated to obtain a no-objection certificate (NOC) before engaging in proprietary trading within or from the Emirate of Dubai. The annual fee for the NOC amounts to approximately $367 (AED1,000), and no further charges are applicable to the applicants.

Registered digital asset firms seeking to amend or modify their VARA licenses will be required to pay a fee of around $184. On the other hand, entities that wish to completely withdraw from the country must remit a license withdrawal fee of $3,670.

In relation to the regulation of whitepapers, VARA has outlined the fees associated with their review process. Issuers seeking review under VARA’s Virtual Asset Issuance Rulebook will be subject to a fee of $1,830. An additional fee of $18,300 is applicable for the completion of a detailed review. Likewise, requests for whitepaper amendments will incur a submission fee of $1,830 and a detailed review fee of up to $18,300.

Moreover, if legal opinions or memorandums are submitted to VARA for review and consideration regarding the regulatory perimeter applicable to a firm’s virtual asset activities, a fee of up to $1,090 may be charged.

We would love to hear your thoughts on this story. Please feel free to share your opinions in the comments section below.

Frequently Asked Questions (FAQs) about virtual asset fees

What fees are covered by the schedule announced by VARA?

The schedule of fees announced by VARA covers various virtual asset-related activities, including the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of license applications, and the submission of whitepapers for VARA review.

How much is the fee for a no-objection certificate (NOC) for proprietary traders?

Proprietary traders in Dubai are required to pay an annual fee of approximately $367 (AED 1,000) for the issuance of a no-objection certificate (NOC). No additional fees are required from the applicants.

How much is the fee for amending or changing VARA licenses?

Registered digital asset firms seeking to amend or change the details of their VARA license need to pay a fee of approximately $184.

What is the license withdrawal fee for entities seeking to completely withdraw from Dubai?

Entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670.

What are the fees associated with whitepaper submissions and reviews?

For whitepaper submissions under VARA’s Virtual Asset Issuance Rulebook, issuers are required to pay a fee of $1,830. Additionally, a detailed review fee of up to $18,300 is applicable for the completion of a detailed review.

Are there fees for amending whitepapers?

Yes, requests to amend whitepapers are subject to a submission fee of $1,830. Additionally, a detailed review fee of up to $18,300 may apply.

Are there fees for submitting legal opinions or memorandums to VARA?

If legal opinions or memorandums are submitted to VARA for review and consideration regarding the regulatory perimeter applicable to a firm’s virtual asset activities, a fee of up to $1,090 may be charged.

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5 comments

User123 June 29, 2023 - 5:25 am

wow! dubai is clamping down on virtual asset fees! vara is making everyone pay for everything, even just to withdraw. seems like a lot of money for whitepaper reviews too. gotta stay on top of those fees if you’re in the game!

Reply
BlockchainEnthusiast June 29, 2023 - 8:51 am

vara’s whitepaper review fees are through the roof! it’s gonna be expensive to get your project off the ground in dubai. i hope they provide substantial value and expertise in return for those high costs. better prepare your pockets before diving into the virtual asset space there!

Reply
TechWizard June 29, 2023 - 11:05 am

vara’s fees might deter newcomers from entering the dubai virtual asset market. startups already face many challenges, and these additional costs could be a barrier to entry. it’s important to strike a balance between regulation and fostering innovation.

Reply
InvestorX June 29, 2023 - 12:41 pm

these fees are no joke! if you’re a proprietary trader, you better get that NOC or you’ll be in trouble. but seriously, almost 4k to withdraw a license? that’s outrageous! vara should consider more reasonable fees to support the virtual asset ecosystem.

Reply
CryptoGuru June 29, 2023 - 3:30 pm

vara fees seem a bit steep, don’t they? it’s like they want to milk every penny from the virtual asset industry. i wonder how these fees will impact the growth and development of the sector. could it discourage startups and innovation?

Reply

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