Here's a summary of the announcement from the Dubai Virtual Asset Regulatory Authority (VARA):

1. VARA has set the final deadline for Virtual Asset Service Providers (VASPs) to apply for licenses or registration in Dubai as November 17th.

2. VARA has stressed the mandatory nature of licensing for VASPs in Dubai, indicating that it is not optional.

3. The authority strongly encourages cryptocurrency businesses to proactively reach out to them before the November 17th deadline to ensure they comply with the regulatory requirements and avoid potential unintended consequences.

4. VARA also disclosed that more than 1,000 traditional companies have already submitted their registration applications under the Dubai regulatory framework.

This announcement underscores the regulatory measures being implemented in Dubai to bring virtual asset service providers into compliance and ensure transparency and oversight in the cryptocurrency sector.

#Dubai