This document, issued by the Dubai Virtual Assets Regulatory Authority (VARA), outlines the rules for Virtual Asset Service Providers (VASPs) licensed to conduct Lending and Borrowing Services in Dubai. It supplements the Virtual Assets and Related Activities Regulations 2023 and other VARA rulebooks, establishing specific requirements for these services.
Key requirements
- VASPs must establish policies and procedures related to lending and borrowing services.
- VASPs must provide public disclosures, including activity-specific disclosures.
- VASPs must adhere to client reporting and valuation requirements.
- VASPs must fulfill additional record-keeping requirements.
- VASPs must implement risk management and due diligence processes.
Applies to: Virtual Asset Service Providers (VASPs) licensed by VARA to carry out Lending and Borrowing Services in the Emirate of Dubai