Mena  ##vara

Dubai's Virtual Assets Regulatory Authority (VARA) has mandated that cryptocurrency firms registered under a recent legal framework complete their applications by November 17. The regulator revealed that more than 1,000 companies have submitted licensing applications since April. VARA issued a caution, stating that companies failing to meet the deadline could face enforcement actions.

BitOasis was the first crypto exchange to get an operational license in Dubai, which has now been suspended by the local regulator for not meeting key conditions in time.

The Virtual Assets Regulatory Authority (VARA), established in March 2022 to regulate all activities relating to virtual assets in Dubai, has issued its much-awaited regulatory framework. So far, VARA was only issuing MVP (minimal viable product) licenses on a select basis