VA Management & Investment License
License for managing virtual asset portfolios, operating crypto funds, staking services, and yield strategies.
VARA Regulations 2023, VA Management & Investment Services Rulebook
Capital Required
AED 280,000-500,000 plus 1.2x monthly expenses
Timeline
4-8 months
Fees
AED 100,000 application + AED 200,000 annual supervision
Regulatory Body
Virtual Assets Regulatory Authority (VARA)
Legislative Framework
Dubai Law No. 4 of 2022, Virtual Assets and Related Activities Regulations 2023, VARA Rulebooks (13 total: 5 Compulsory, 8 Activity-Specific)
Last updated: August 2025
Key Requirements
Base capital of AED 280,000-500,000 depending on custody integration plus 1.2x monthly operational expenses
Comprehensive investment policy documenting asset allocation limits, leverage restrictions, and approved VA classes
Portfolio management processes with documented investment decisions, suitability assessments, and monitoring
Segregated client accounts held with VARA-licensed custodian or integrated custody infrastructure
Chief Investment Officer and Chief Compliance Officer with fund management and asset management experience
Professional indemnity insurance of AED 500,000-1,000,000 depending on assets under management
Fee structures and performance fee methodologies clearly disclosed in prospectuses with annual audits
Regular portfolio valuations minimum monthly for client reporting with independent third-party NAV verification
Application Process
Prepare comprehensive VA Management & Investment license application with investment strategies and profiles
Provide fund/portfolio documentation including prospectuses, investment policies, and custody arrangements
Submit organizational structure with management CVs for Chief Investment Officer and Chief Compliance Officer
Include compliance manual detailing suitability procedures, fee calculations, and performance reporting
Submit insurance certificates and capital adequacy documentation from independent auditors
VARA review and approval following evaluation of investment processes and client protection measures
Expected Total Timeline
4-8 months
Ongoing Obligations
After obtaining your VA Management & Investment License, these are the continuing compliance requirements you must maintain.
Monthly portfolio valuations and investor reporting with asset composition, performance, and fee calculations
Quarterly capital adequacy reports and annual independent audits of financial statements and fees
Annual fit-and-proper assessments for officers with mandatory updates to VARA within 10 days
Quarterly investment policy compliance certifications confirming adherence to allocation and leverage limits
Semi-annual performance reviews with comparison to benchmarks and documented analysis of deviations
Maintain professional indemnity insurance continuously at specified minimums based on AUM
Cost Summary
Capital Requirement
AED 280,000-500,000 plus 1.2x monthly expenses
Application & Licensing Fees
AED 100,000 application + AED 200,000 annual supervision
Jurisdiction Setup Cost
$50,000-$100,000
Annual: $40,000-$120,000
Other UAE / Dubai Licenses
Explore other license types available in UAE / Dubai.
VA Exchange License
VA Broker-Dealer License
VA Custody License
VA Lending & Borrowing License
VA Advisory License
VA Issuance License
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