UAE Virtual Asset Regulatory Authority (VARA) Regulations
Compliance and Risk Management Rulebook – UAE Virtual Asset Regulatory Authority (VARA) Regulations

UAE Virtual Asset Regulatory Authority (VARA) Regulations CRM-VII: Compliance and Risk Management Rulebook VII: Regulated sponsors and sponsored VASPs

What does CRM-VII require?

A licensed firm may sponsor other entities only with VARA approval, where it controls or shares a controller with them, has a written agreement (permitted activities, liability allocation, termination, audit rights, regular compliance reporting), has done due diligence, respects competition law and obtains VARA approval before the sponsored firm starts; the sponsor is responsible for the sponsored firm's compliance with all rulebooks, its Dubai legal entity, marketing showing it is sponsored, machine-readable public disclosures, a VARA-approved full-time Responsible Officer, capital and prudential requirements, separately titled and segregated accounts, segregated personal data, separate complaint procedures, active oversight and annual reporting of complaints and audited accounts.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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