01Client
A team of professional crypto traders.
02Objective
A compliant legal structure to operate a proprietary trading desk in the UAE, trading with the company’s own funds.
03Solution
We set up the company under DMCC with a VARA No Objection Certificate for proprietary trading and built the compliance infrastructure around it, from AML documentation to an in-house compliance team.
04Process
- Incorporated and licensed the company under DMCC.
- Obtained the VARA NOC for virtual asset trading operations.
- Drafted and submitted the AML, risk and governance documentation.
- Integrated KYT and risk scoring software.
- Recruited an in-house compliance team: an MLRO and an analyst.
05Result
The company was fully operational within 45 days of engagement.
06Key takeaway
A company that trades only its own funds, without clients, needs a VARA NOC rather than a full VARA licence, and the NOC has to be in place before the first trade.