Do the right thing, Dubai regulator VARA tells crypto businesses operating in the emirate. The new deadline is November 17. Image Credit: Supplied

Dubai: Cryptocurrency and other virtual asset firm operating in Dubai now have until November 17 to clear all the licensing requirements through the regulator VARA.

In a statement, VARA (Virtual Assets regulatory Authority) said those firms lagging in their application process must complete all requirements by the date. After that, the enforcement mechanisms will be ‘triggered by default’.

Any VASP (Virtual Asset Service Provider) yet to submit their applications or missed notifications from commercial licensing authorities need to speed up. The deadline also applies to those with incomplete submissions.

These firms should ‘proactively get in touch, to avoid unintended regulatory consequences’, VARA added.

The regulator has been through this year been fast-tracking the licensing of any and every business that has interests in the virtual assets space.

VARA had earlier set August 31 for all entities in the crypto-asset space to get their licensing papers cleared. Businesses are eligible to take multiple licenses based on their operations and area of specialisation.

More to follow...