Schedule 2 – Supervision and Authorisation Fees | Virtual Assets Regulatory Authority (VARA)

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Schedule 2 – Supervision and Authorisation Fees

1.

The fees set out in the table below are applicable to all Licence applications and VASPs:

VA Activity	Licence Application Fee (for one regulated VA Activity only)	Licence Extension Fee (for each additional regulated VA Activity)	Annual Supervision Fee (for each regulated VA Activity)
Advisory Services	AED 40,000	50% of lower Licence Application Fee(s)	AED 80,000
Broker-Dealer Services	AED 100,000		AED 200,000
Category 1 VA Issuance	AED 100,000		AED 200,000
Custody Services	AED 100,000		AED 200,000
Exchange Services	AED 100,000		AED 200,000
Lending and Borrowing Services	AED 100,000		AED 200,000
VA Management and Investment Services	AED 100,000		AED 200,000
VA Transfer and Settlement Services	AED 40,000		AED 80,000

2.	The Licence Application Fee is payable for all Licence applications for any regulated VA Activity. Where an Entity is applying for a Licence for more than one regulated VA Activity, the Licence Extension Fee is payable for each additional VA Activity. These fees are only due at the time of submission of the Licence application. The application will not be processed until the payment of these fees is received.
3.	VASPs must pay an Annual Supervision Fee for each VA Activity Licensed, in advance of conducting VA Activity(ies).
4.	VARA may, in its sole and absolute discretion, impose additional supervision fees, or otherwise modify supervision and authorisation fees, based upon a VASP's risk profile, which may include, but not be limited to, consideration by VARA of the following—
	a.	a VASP's market share;
	b.	a VASP's target market and/or client base;
	c.	the complexity of a VASP's business model and/or products;
	d.	a VASP's history of compliance and regulatory track record; and
	e.	circumstances where VARA considers it necessary to allocate additional resources for regulatory oversight or supervision or in response to complaints made to VARA about a VASP.
5.	Any fees charged by VARA are separate from, and independent of, any fees which may be charged by any other competent authority, either in or outside of the UAE.
6.	VARA may, in its sole and absolute discretion, impose a fee for applications by prospective Issuers for approval to issue a Virtual Asset and/or for VASPs Licensed for Category 1 VA Issuance submitting Whitepapers to VARA.