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B. VARA’s Licensing and Authorisation Powers

Effective from Feb 07 2023 - Sep 18 2023
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1. Granting of Licences.
  a. VARA may, in its sole and absolute discretion, grant a Licence for a VASP to carry out one or more VA Activities to which a licensing application relates, having regard to the information provided during the licensing process along with any other information VARA deems relevant.
  b. In respect of each granted Licence, VARA shall specify the permitted VA Activities, described in such a manner as VARA considers appropriate.
  c. VARA may—
    i. incorporate in the Licence such limitations and stipulations as it considers appropriate, for example, circumstances in which a VA Activity may, or may not, be carried on;
    ii. specify a narrower or wider description of a VA Activity than that to which a licensing application relates; and/or
    iii. grant a Licence for the carrying on of a VA Activity only for a specified time.
  d. In determining whether to grant a Licence, VARA may have regard to any judgment, opinion, or actions taken by any other regulator or authority, inside or outside of the Emirate, which VARA deems to be relevant to such licensing application.
2. Variation, suspension, or revocation of Licences.
  a. Power to vary, suspend or revoke Licences. VARA may in its sole and absolute discretion—
    i. vary a Licence in any way, including but not limited to, by adding a VA Activity, removing a VA Activity or varying the description of a VA Activity, or by varying any limitations which apply to such Licence;
    ii. revoke or suspend all, or any part, of a Licence—
      1. on any ground on which it may refuse to issue a Licence;
      2. for a material violation of any law, Regulation, Rule or Directive;
      3. for Good Cause;
      4. if the VASP is Insolvent or subject to Insolvency Proceedings; or
      5. for failure of the VASP to pay a judgment, made by any court, within or outside the UAE, within thirty [30] calendar days after the judgment becomes final or otherwise payable by the VASP.
  b. Suspension. In the event VARA suspends a Licence under Regulation IV.B.2.a.ii, it shall prescribe the period for which such Licence is suspended which shall be communicated to the VASP. Such VASP may not re-commence any VA Activity[ies] subject to such suspension without prior approval from VARA to do so, regardless of whether the period communicated has expired.
  c. Preservation of powers. Nothing in these Regulations shall be construed as limiting any power granted to VARA under any other provision of the Dubai VA Law, including any power to investigate possible violations of laws, Regulations, Rules or Directives, or to impose penalties, or take any other action, against any Entity for violation of such laws, Regulations, Rules or Directives.
3. Imposition of further requirements by VARA.
  a. Where an Entity has applied to VARA for a Licence, or a variation of a Licence, VARA may impose on such Entity additional requirements as it considers appropriate including, but not limited to, in the following circumstances—
    i. the Entity is failing, or is likely to fail, to satisfy the licensing conditions;
    ii. the Entity has contravened any applicable laws, Regulations, Rules or Directives; or
    iii. it is desirable for VARA to exercise its power to further one or more of its objectives.
4. Authorisation and supervision fees.
  a. VARA may charge an Entity seeking to apply for a Licence, or any other authorisation from VARA, a fee for processing such application. If an application is denied or withdrawn, no fees shall be refunded. Such application fees will be applicable per application.
  b. Any Entity who has been granted a Licence, any other approval or is otherwise subject to supervision by VARA, will be charged applicable fees by VARA for such supervision.
  c. The fees set out in Schedule 2 of these Regulations, as may be amended from time to time, shall apply to all VASPs.