Table of Contents
Frequently Asked Questions
Do I need a VARA license to advise on virtual assets in Dubai?
Yes. Any firm providing virtual asset advisory services in or from Dubai, outside the DIFC, must be authorised by VARA before taking on clients. Meydan Free Zone issues the commercial license, and VARA approval is required before that license can be issued.
Can I hold client crypto if I only have the advisory license?
No. Holding or administering client assets is Virtual Assets Custody Services, activity 6619.84, and it is a separate license. Custody also cannot be combined with advisory, so a firm wanting both functions needs to structure them apart rather than under one entity.
How long does VARA approval take?
Timelines vary with the complexity of the business model and the readiness of the application. The process runs in two stages, initial approval followed by the full license, and applicants should plan for several months rather than weeks from first submission to authorisation.
Can I combine advisory with other virtual asset activities?
Yes, with two exclusions. Activity 6619.82 may be combined with other VARA activities except Virtual Assets Proprietary Trading in Crypto-commodities and Virtual Assets Custody Services. Broker-dealer, exchange, lending, management and transfer activities can sit alongside advisory in the same license.
What is the difference between advisory and management?
Advisory means recommending a course of action that the client then chooses to take. Management, activity 6619.87, means exercising discretion and acting on the client's behalf. If you make the decision rather than inform it, you need the management license.
Does the advisory license let me market virtual assets to the public?
Not automatically. Marketing and promotion of virtual assets to UAE residents is governed separately under VARA's marketing rules, and only appropriately permitted entities may advertise. Advisory authorisation and marketing permission are distinct, so confirm your marketing scope with VARA.
Can a foreign advisory firm set up in Meydan Free Zone?
Yes. Meydan Free Zone permits full foreign ownership without a local partner, and the setup is completed digitally. The VARA approval requirement applies in the same way to foreign-owned and UAE-owned applicants, so the regulatory path does not change.
Topic Summary
Dubai Is the World's Largest Licensed VA Market
Regulated virtual asset transactions in Dubai reached nearly AED 2.5 trillion in 2025, with over three million investors and traders serviced from the emirate. This scale makes it the most active licensed virtual asset market on the planet.
Advisers Shape Decisions Without Holding Assets
A virtual assets advisory licence covers professional recommendations on portfolios, token structures, treasury exposure, and protocol due diligence. The critical boundary is that advisers never hold client assets, execute orders, or operate a trading venue.
VARA Authorisation Is Required Before Day One
Any firm advising on virtual assets in or from Dubai, outside the DIFC, must obtain VARA authorisation before taking on a single client. Dubai Law No. 4 of 2022 established VARA as the world's first regulator dedicated solely to virtual assets.
Licensing Places You in a Small, Verified Group
By mid-2026, only fifty virtual asset service providers held VARA licences, alongside over six hundred registered firms across the wider ecosystem. A licensed adviser operates within a narrow, credible peer group in the busiest regulated market available.
Activity Code 6619.82 Defines Your Permitted Scope
Under code 6619.82, a firm is licensed to provide advice, strategic input, and recommendations on virtual assets and virtual asset transactions. It sits within the broader class of activities auxiliary to financial services, covering firms that support markets without taking positions in them.
Meydan Free Zone Supports Related VA Licences Too
Beyond advisory services, Meydan Free Zone also supports licences for Virtual Assets Broker-Dealer Services, Management and Investment Services, and Exchange Services. This makes it a practical base for founders who may want to expand their activity scope over time.
How to Start a Virtual Assets Advisory Services Business in Dubai with Meydan Free Zone
Virtual assets advisory services means giving clients professional advice about digital assets. Which assets belong in a portfolio, how a token offering should be structured, how a corporate treasury should approach exposure to crypto, whether a particular protocol stands up to scrutiny.
The adviser shapes the decision. The adviser does not hold client assets, does not execute orders and does not operate a trading venue.
Dubai is the obvious place to build that practice. Virtual asset transaction volumes across regulated entities in the emirate reached almost AED 2.5 trillion in 2025, according to the Dubai Government Media Office[1], making Dubai the largest licensed virtual asset market in the world.
Assets under management across those regulated entities exceeded AED 9.6 billion in the same year, and more than three million investors and traders are now serviced from the emirate[2].
By July 2026 the Virtual Assets Regulatory Authority had licensed fifty virtual asset service providers[3], alongside more than six hundred registered firms working in advisory, technology and proprietary trading across the wider ecosystem[2].
That market exists because the rules came first. Dubai Law No. 4 of 2022 established VARA as the world's first regulator dedicated solely to virtual assets[4], and any firm advising on virtual assets in or from Dubai, outside the DIFC, needs VARA authorisation before it can take on a single client.
For a founder, that requirement is the opportunity rather than the obstacle. A licensed adviser sits inside a small, verifiable group permitted to give this advice in the busiest regulated market there is.
Business Activities List
Explore Over 2,500+The World's Largest Licensed Virtual Asset Market
A Dubai-licensed advisory practice operates in a market where regulated virtual asset transactions reached almost AED 2.5 trillion in 2025, where assets under management across regulated entities exceeded AED 9.6 billion, and where more than three million investors and traders are serviced from the emirate by fifty licensed providers.
| Market Metric | Figure (2025) |
|---|---|
| Regulated virtual asset transaction volume | Almost AED 2.5 trillion |
| Assets under management across regulated entities | Exceeded AED 9.6 billion |
| Investors and traders serviced from the emirate | More than 3 million |
| Licensed virtual asset service providers | 50 |
| Registered firms (advisory, technology, proprietary trading) | More than 600 |
Sources: Dubai Government Media Office (2025), Virtual Assets Regulatory Authority, Emirates News Agency (WAM)
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