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Business Centre, Sharjah Publishing City Free Zone, Sharjah, United Arab Emirates

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VARA Transfer & Settlement Services Licence: Regulated Virtual Asset Payments in Dubai

Transfer & Settlement authorises processing VA transfers on behalf of clients — covering payment processors, crypto remittance services, and VA settlement networks.

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What Is the VARA Transfer & Settlement Licence?

Authorises:

Processing VA transfers between client wallets
Facilitating VA payments for goods and services
Crypto remittance and cross-border VA transfers
Settlement services for VA transactions between counterparties
Payment gateway services processing VA transactions on behalf of merchants or clients

Structure

Paid-Up Capital

All cases

Higher of AED 500,000 or 25% of fixed annual overheads

Key Requirements

Transaction screening

All transfers screened against sanctions lists, PEP databases, and prohibited counterparty lists before execution.

Wallet verification

Procedures required for verifying destination wallets, particularly for unhosted wallets.

goAML

Mandatory registration with UAE's goAML system for suspicious transaction reporting.

Responsible Individuals

2 RIs — UAE residents, full-time, VARA-approved.

Physical presence

Private office in Dubai required.

Travel Rule

Transfer & Settlement licensees have the most stringent Travel Rule obligations. Every VA transfer at or above the threshold must carry originator and beneficiary information — transmitted to the receiving VASP before or simultaneously with the transfer.

Travel Rule — The Critical Compliance Challenge

Travel Rule is the defining compliance obligation for Transfer & Settlement licensees. VARA aligns with FATF Recommendation 16:

Threshold: transfers at or above AED 3,500 (or VA equivalent)
Required information: originator name, account/wallet address, physical address (or national ID/DOB); beneficiary name and account/wallet
Timing: information transmitted before or simultaneously with the transfer
Sunrise problem: policy required for transfers to/from VASPs in non-compliant jurisdictions

We support select and implement a Travel Rule solution (Notabene, Sygna, TRP, or equivalent) appropriate for your transaction volumes and counterparty mix.

What We Do for You

Travel Rule solution selection

Assess your volumes and counterparty mix; select and implement the right solution from Notabene, Sygna, TRP, or equivalent.
Wallet verification procedures

Unhosted wallet verification framework.
Full AML/KYC framework and VASP application

End-to-end management.
Sunrise issue policy

Design your documented policy for handling transfers to/from non-compliant jurisdictions.
Transaction screening

Sanctions screening integration, PEP database setup, prohibited counterparty list management.

Frequently Asked Questions