Vala plates in Dubai,
Zhao Changpeng (CZ), founder and CEO of the other shore, said: "The other shore is very happy to obtain this license. Bian will provide industry-leading experience in compliance cooperation for Dubai's virtual supervision system, and VARA will create a unique operating model for the development of the global virtual industry. " The virtual asset trading license issued by VARA will ensure that Bi 'an can start its regional business from Dubai in the new regulatory ecosystem, which will be bound by local laws and internationally applicable policy frameworks. VARA authorized business activities
The following activities require authorization:
-Operation and management of virtual asset platform services
-Exchange services between virtual assets and currency, whether domestic or foreign.
Zhuo Zhi, an exchange service between one or more forms of virtual assets.
-Virtual asset transfer service
-Virtual Asset Custody and Management Services
-Services related to virtual asset portfolio
-Services related to the issuance and trading of virtual tokens.
The main feature of virtual asset license is its wide scope:
"Virtual assets" are broadly defined as "digital representations of values that can be digitally traded, transferred or used as exchange or payment instruments or for investment purposes"; Therefore, this will include cryptocurrencies, tokens, irreplaceable tokens and any other virtual assets determined by VARA.
Continuing requirements for licenses:
In order to obtain a license, the Virtual Assets Law stipulates that applicants must take Dubai as their business headquarters and obtain a business license from the relevant licensing authorities in Dubai. It is expected that specific licensing procedures and other continuous requirements related to anti-money laundering, disclosure, transparency and know your customer ("KYC") procedures will be stipulated in regulations and decisions supplementing the Virtual Assets Law. Application process of virtual asset license
1. Choose the area where you want to conduct business activities, and choose the mainland or Zhuo Zhi and Dubai Free Zone.
2. Set up a company to engage in computer programming and software.
3. Determine the directors and board members who need at least three positions of CEO, CFO and CTO besides investors.
4. Create a bank account for the company
5. Make and submit a credible and detailed business plan to VARA (once the business plan is reviewed and accepted by VARA, we can push forward other documents they need).
Passport, Dubai visa and business plan.
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