The Dubai government has long given all-round strong support to the blockchain and Web3 industries, through initiatives such as the Dubai Blockchain Strategy launched in 2016, and the UAE’s Fourth Industry, established in 2019 in partnership with the Dubai Future Foundation and the World Economic Forum. Initiatives such as the Revolution Center and the Dubai Metaverse Strategy 2022 lay a solid foundation for digital opportunities.
Ambitious government strategies and a world-class business-friendly environment underpin Dubai’s appeal as a digital innovation hub, especially for entrepreneurs and investors in the blockchain and Web3 industries. Dubai's Virtual Asset Service Providers (VASP) system is well-known for its clear regulatory framework, professional and superb regulatory standards, approachable regulatory attitude, and regulatory guidelines that encourage innovation and prevent risks. Not only does it continue to attract an endless stream of blockchain and Web3 entrepreneurs and investors from all over the world, but industry giants also come and set up camp here.
According to the "Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai" (Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai), responsible The Dubai Virtual Assets Regulatory Authority (hereinafter referred to as VARA), the competent authority for regulating virtual assets and virtual asset activities in all areas of the Emirate of Dubai (including special development zones and free zones, but excluding the Dubai International Financial Centre), will be launched in 2022 Established in March. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for virtual asset industry governance, while supporting the vision of a borderless economy.
Dubai’s regulatory framework for virtual assets consists of a complete set of top-down laws and rules. At the level of laws and regulations, the "Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai" is at the highest level, and the "Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai" is at the highest level. The "Virtual Assets and Related Activities Regulations 2023" provides a specific and detailed virtual asset regulatory framework covering various aspects such as licensing, anti-money laundering and combating the financing of terrorism, and regulating marketing behaviors, aiming to provide Regulatory certainty. The framework is founded on the principles of economic sustainability and cross-border financial security. The UAE has been committed to enabling these enablers safely, updating its supervisory and regulatory approach to address global money laundering (ML) and terrorist financing (TF) risks arising from the misuse of new technologies.
The fifth part of the "Regulations" is the "VA Activities Rules Manual", which is a complete and comprehensive set of compliance guidelines. It is divided into two parts: a mandatory rulebook and a VA activity and other rulebook. The former applies to all VASPs, and the latter is a special code of conduct for the eight different VASP license types mentioned above.
As a universal compliance guide, the importance of the mandatory rule book is self-evident. Among them, the Corporate Rulebook sets out the manner in which VASP organizes and manages the company, board of directors, officers and employees, as well as the ongoing maintenance of appropriate internal control and management systems. In addition, the corporate rulebook covers corporate governance requirements and ESG responsibilities. The Compliance and Risk Management Rulebook sets out the general principles governing compliance and the implementation of a compliance management system, including the appointment of a compliance officer and record keeping and auditing requirements. The Compliance and Risk Management Rulebook also states that VASPs must at all times comply with all tax reporting obligations under all applicable laws, regulations, rules and guidance as well as national, international and industry best practices, including applicable U.S. foreign account tax compliance Act (FATCA). The Technology and Information Rulebook sets out technology governance, controls and security, including cybersecurity (and other legal and regulatory) obligations, as well as personal data protection compliance requirements and compliance plans. The Market Conduct Rulebook provides guidance on marketing, advertising and promotion regulations and requirements.
The Dubai Virtual Asset Regulatory Authority (VARA) has identified eight different regulated virtual asset (VA) activities and classified the scope of regulation. Any Virtual Asset Service Provider (VASP) wishing to provide the following virtual asset activities (whether to customers who are residents of the Emirate, or to global customers where activities are permitted) must operate within the Emirate of Dubai before commencing operations , apply for and obtain a license from VARA.
Dubai Virtual Asset Service Provider (VASP) license includes:
"Advisory Services" means providing advice to a client on one or more actions or transactions related to any virtual assets based on the client's request or the unsolicited request of the entity providing the advice. This service is designed to help clients understand and navigate the complexities of the virtual asset market, providing professional advice and strategies so that they can make informed decisions. Consulting services may include market analysis, risk assessment, investment strategy advice, regulatory compliance guidance, etc. to ensure that customers' operations in the field of virtual assets are safe and legal.
"Broker Services" means any of the following:
[a] arranging orders for the purchase and/or sale of virtual assets between two entities; [b] soliciting or accepting Place orders for virtual assets and accept such orders for currency or other virtual assets; [c] facilitate the matching of virtual asset transactions between buyers and sellers; [d] act as a dealer in conducting virtual asset transactions on behalf of the entity for its own account ; [e] Use customer assets to conduct market transactions in virtual assets; or [f] Provide placement, distribution or other issuance-related services to customers who issue virtual assets. These services aim to provide customers with convenient virtual asset trading channels and ensure smooth transactions and safe asset management through professional brokerage services.
"Custody Services" means the custody of virtual assets for or on behalf of another entity and act solely in accordance with verified instructions issued by or on behalf of such entity. Note: Only VASPs that store each customer's assets in separate VA wallets are eligible to obtain a custody service license. Custody services provide a safe way to keep assets, reduce the risk of asset theft or loss, and ensure that customers' assets are strictly managed and protected at all times.
"Trading services" refers to any of the following:
[a] exchange, transaction or conversion between virtual assets and currencies; [b] performing transactions on one or more virtual assets exchange, trade or convert between; [c] match orders between buyers and sellers and conduct exchanges, trades or conversions between [i] virtual assets and currencies or [ii] one or more virtual assets ; or [d] maintain an order book for the further performance of items [a], [b] or [c] above. The trading service aims to provide diversified virtual asset trading options to meet the different trading needs of customers and improve market liquidity and trading efficiency.
"Lending Services" means the performance of a contract under which a virtual asset shall be transferred or loaned from one or more parties (lenders) to one or more parties (borrowers), borrowing money The person shall undertake to return the virtual assets to his or her own benefit or on behalf of the benefit of others at the request of the lender at any time within the agreed period or at the end of the period. The lending service provides users with a flexible fund management method to meet short-term or long-term funding needs while ensuring the interests and safety of both borrowers and lenders.
"Virtual Asset Management and Investment Services" means acting as agent or trustee on behalf of an entity, or otherwise responsible for the management, management or disposition of the entity's virtual assets. Including but not limited to:
[a] investment management services or otherwise managing virtual assets; and [b] validators and /or other value paid by the node operator.
These services are designed to help customers effectively manage and add value to their virtual assets, and maximize asset returns through professional investment strategies and management methods.
"Transfer and Settlement Services" includes companies engaged in the transfer or transfer of virtual assets from one entity to another or from one entity to another VA wallet, address or location. Transfer and settlement services ensure the safe and efficient transfer of virtual assets, reduce risks during the asset transfer process, and improve customer experience.
"Issuance Category 1" refers to the issuance of legal currency-linked virtual assets (FRVA), commonly known as "stablecoins". This type of virtual asset claims that its value is stable in relation to one or more legal currencies, but does not have legal tender status in any jurisdiction. The issuance of stablecoins provides the market with a relatively stable trading medium, which helps reduce market volatility and improve the stability and predictability of transactions.
These VASP license types and corresponding service specifications provide detailed operational guidelines for virtual asset service providers to ensure compliance with relevant regulatory requirements in the process of providing services and protect customers' legitimate rights and interests and asset security.
The panoramic view of Dubai Virtual Asset Service Provider (VASP) license is as follows.
VASP can apply for licenses for multiple activities and aggregate them under a single overall license, unless it involves virtual asset custody services. VASPs licensed to engage in multiple activities must fully meet the requirements of each activity and remain compliant at all times.
虛擬資產託管服務是唯一需要從其他虛擬資產服務授權類別中分離出來的受監管活動。在這種情況下，必須作為一個獨立的法人實體設立虛擬資產託管人，在治理上保持獨立性和非關聯關係，並持有獨立的執照。
此外，獲得許可的VASP被禁止在受監管活動許可下進行自營交易或交易其集團的資產組合。為了確保公平和透明的市場操作，必須為自營交易設立一個獨立的公司。自營交易和團體資產管理需要明確的分離，以防止潛在的利益衝突，並確保所有客戶都能在一個公平和受保護的環境中進行交易。
任何希望在迪拜（不包括迪拜國際金融中心Dubai International Finance Centre，DIFC）或從迪拜開展虛擬資產活動的公司都有法律義務在開始運營之前獲得VARA的許可。
大陸公司可透過杜拜經濟與旅遊局（Dubai’s Department of Economy and Tourism，DET）提交申請，或透過任何杜拜酋長國（DIFC除外）的杜拜自由區（Free Zone, FZ）提交申請。自由區是提供關稅優惠和稅收減免給投資者的特殊經濟區，每個自由區都由一套特別的規章制度管理。在自由區設立公司的好處包括100%外資所有權、100%資本和利潤匯回以及快速簡便的企業設立。杜拜有超過20個自由區運營，其中大多數集中於一個或多個特定領域，為這些領域內的公司提供營業執照，通常涵蓋貿易、服務和工業活動。
對於新成立的公司，申請流程如下：
第一階段
向迪拜經濟旅遊局（Dubai Economy&Tourism，DET）或相關自由區（Free Zone，FZ）提交初始調查（Initial Disclosure Questionnaire，IDQ）。
根據需要提供其他文件，包括但不限於業務計劃以及公司實際所有人和高級管理人員的詳細資訊。
支付開始申請審核所需的初始費用（通常為牌照申請費的50%）。
獲得初步批准，以最終確定公司的合法成立並完成營運設置，包括辦公空間租賃、員工入職等。
需要注意，在第一階段中，即使獲得初步批准的公司還不被允許開展虛擬資產活動。
第二階段
收到初步批准後，依照VARA提供的指導準備並提交文件。
直接從VARA獲得有關提交內容的回饋，其中可能包括會議、訪談和提交進一步的文件。
繳付剩餘的申請牌照費用及第一年的監管費用。
取得VASP牌照，但可能受營運條件的限制。
如果公司的活動超出監管範圍或公司可能不符合適當的監管標準，VARA保留不頒發VASP牌照的權利。
VASP牌照申請流程圖如下。
對於在2023 年 2 月之前開展虛擬資產業務的公司（舊有VA運營商），VARA 已邀請所有此類公司申請迪拜傳統計劃。該計劃使組織能夠無縫過渡到VARA的監管框架。 VARA與經濟和旅遊部以及自由區委員會合作，就此開展了各種培訓課程和宣傳計劃。
作為監管流程的一部分，VARA已要求迪拜所有舊有VA運營商通過填寫初始披露問卷（IDQ）進行註冊。收到申請確認通知（AAN）的VASP可以繼續取得舊有營運許可證（LOP）或無異議認證（NOC）。
舊有營運許可證（LOP）為VASP提供了在有限時間內過渡到全面虛擬資產監管制度的機會，前提是它們滿足基本監管要求。它還具有其他好處，包括許可費最高50%的折扣和降低的資本要求。此許可證有效期為12個月，使VASP有足夠的時間來制定和遵守全面的許可和監管要求。
VASP制度的確立，是杜拜對金融科技創新的深思熟慮的佈局。一方面，它以嚴格的合規要求和先進的風險管理框架，為投資者提供了一個安全、透明、高效的市場環境。另一方面，隨著更多合規的VASP在此落戶，杜拜可望成為連結東西方的數位資產樞紐，促進全球金融資源的流動與整合。
VASP制度可望成為杜拜金融科技創新的催化劑，進一步推動區塊鏈、虛擬資產等Web3技術的發展。 VASP制度也是杜拜一次有益的嘗試，在合規的框架下推動科技和商業創新。期待杜拜能開啟一個更加開放、包容、共贏的數位經濟新時代。
The above is the detailed content of Crypto Oasis in the Desert: Dubai VASP License Overview and Application Guide. For more information, please follow other related articles on the PHP Chinese website!
![[Web front-end] Node.js quick start](https://img.php.cn/upload/course/000/000/067/662b5d34ba7c0227.png)
