VA Broker-Dealer License
License for facilitating buy and sell transactions on behalf of clients with best execution obligations and segregation.
VARA Regulations 2023, VA Broker-Dealer Services Rulebook, Dubai Law No. 4 of 2022
Capital Required
AED 400,000-1,500,000 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 400,000-1,500,000 depending on custody integration plus 1.2x monthly operational expenses
Best execution obligation policies with pricing comparisons to benchmarks for all client trades
Client asset segregation with client VA held separately from broker proprietary holdings per VARA
Comprehensive conflicts-of-interest management covering principal trading and tied distributor arrangements
Compliance Officer and Risk Officer with VARA-approved competency certifications and regulatory experience
Professional indemnity and errors and omissions insurance of AED 500,000-1,000,000 depending on client size
Technology platform meeting VARA standards for order routing, execution recording, and audit trails
Clear suitability and appropriateness procedures for client onboarding with documented risk assessments
Application Process
Submit VA Broker-Dealer license application with description of trading model, client segments, and execution
Provide organizational structure with management CVs and fit-and-proper documentation for officers
Include compliance manual with best execution policies, conflicts management, and suitability procedures
Submit insurance certificates and capital adequacy evidence with third-party verification
Pre-application meetings with VARA to discuss execution quality standards and client protection
Final submission and VARA approval following governance and risk management framework review
Expected Total Timeline
4-8 months
Ongoing Obligations
After obtaining your VA Broker-Dealer License, these are the continuing compliance requirements you must maintain.
Semi-annual execution quality reports analyzing spreads, slippage, and pricing versus market benchmarks
Quarterly capital adequacy certifications and annual independent audits by VARA-approved auditors
Monthly client complaints reporting and resolution tracking with material complaint escalation to VARA
Annual fit-and-proper assessments for officers with mandatory updates to VARA within 10 days
Quarterly review of conflicts-of-interest policies with certification of VARA requirement adherence
Maintain insurance coverage continuously and provide annual renewal certificates to VARA
Cost Summary
Capital Requirement
AED 400,000-1,500,000 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 Custody License
VA Lending & Borrowing License
VA Management & Investment License
VA Advisory License
VA Issuance License
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