UAE Virtual Asset Regulatory Authority (VARA) Regulations CO-VI.B: Company Rulebook VI.B: Paid-up capital

What does CO-VI.B require?

Hold paid-up capital per licensed activity at all times, the higher of a fixed amount and a share of fixed annual overheads (for example AED 100,000 for advisory; AED 1,500,000 or 25% of overheads for exchange services, lower where a VARA-licensed custodian is used; Category 1 issuance as its rulebook sets), calculated per activity so that overheads are fully allocated, reconciled monthly and held in a UAE bank trust account or an open-ended surety bond naming VARA as beneficiary, or as VARA specifies.