A Crypto Oasis in the Desert: Overview and Application Guide for Dubai VASP License

According to Mars Finance, the Dubai government fully supports the blockchain and Web3 industries, and has laid a solid foundation for digital opportunities through a number of strategies and policies, such as the Dubai Blockchain Strategy and the Dubai Metaverse Strategy. Dubai's Virtual Asset Service Provider (VASP) system attracts global blockchain and Web3 entrepreneurs and investors with its clear regulatory framework and professional regulatory standards. The Dubai Virtual Asset Regulatory Authority (VARA) is responsible for supervision and provides a complete set of laws and rules to ensure investor protection and industry governance. VASP licenses cover a variety of services, such as virtual asset consulting, brokerage, custody, trading, etc., and each service has detailed operational and compliance guidelines. Applications for VASP licenses must be submitted through the Dubai Economy and Tourism Bureau or the Free Zone, including two stages: preliminary review and detailed document submission. The VASP system aims to promote Dubai as a global digital asset hub.