VARA Compliance for NFT Marketplaces UAE 2025

{ "body": "NFT platforms must obtain a VASP license from VARA before launching in the UAE. The application involves AML/CFT compliance documentation, technology security audits, and minimum capital requirements of AED 500,000.", "heading": "VARA Licensing Requirements" }

{ "body": "Licensed NFT platforms must implement customer due diligence protocols, transaction monitoring systems, suspicious activity reporting, and regular audits. Platforms must also maintain segregated client funds and provide VARA with quarterly reports.", "heading": "Key Compliance Obligations" }

{ "body": "Operating an NFT marketplace without VARA approval can result in fines up to AED 50 million, forced shutdown, and criminal prosecution of company directors. VARA has been actively pursuing enforcement since 2024.", "heading": "Penalties for Non-Compliance" }