Dubai's VARA Now Permits Staking from Custody Services

Dubai's Virtual Assets Regulatory Authority (VARA), the competent entity responsible for regulating, supervising, and overseeing Virtual Asset services in the Emirate of Dubai (excluding the Dubai International Financial Centre), announced Thursday (August 24) the permission of Staking from Custody Services, in pursuant to the prescribed requirements of the amended Custody Services Rulebook.

Under the new regulations, virtual assets services providers (VASPs), with specific additional approval from VARA, are allowed to provide staking services to their customers from the same legal entity and without applying for a separate licence for VA Management and Investment Services.

Dubai has been increasingly favored by crypto companies, with multiple firms heading for this region to do business, including Komainu and Laser Digital​, which have recently secured VASP licenses here.

We can expect that, as the amended Rulebook comes into effect, a lot more crypto firms will extend their footprints into Dubai. Besides, Dubai will further bolster its foothold as one of the crypto hubs around the world.