Legislation Details
- Full Title: Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers
- Law Type: Cabinet Resolution
- Law Number: No. (83) of 2025
- Issued Date: 16 Jun 2025
- Effective Date: 27 Jun 2025
- Official Gazette: No. 802
- Sector: Finance and Banking
- Status: Active
- Number of Articles: 8
- Chapters/Parts: 0
- Amendments: 0
Summary
This Cabinet Resolution establishes the fees that the Securities and Commodities Authority (SCA) shall collect for services provided to Virtual Asset Service Providers (VASPs) in the UAE. It sets out the specific fees for registration, licensing, renewal, and cancellation of VASPs, both for those licensed by the local authority and those licensed by the SCA directly. The Resolution aims to regulate the fees charged for VASP-related services to support the development of the virtual asset sector in the UAE. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1-4)
What is the scope and purpose of this law?
The scope of this Cabinet Resolution is to regulate the fees charged by the Securities and Commodities Authority (SCA) for services provided to Virtual Asset Service Providers (VASPs) in the UAE. It applies to all VASPs, including those licensed by the local licensing authority and those licensed directly by the SCA. The purpose is to establish a standardized fee structure to support the development of the virtual asset sector in the UAE. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1-4)
What are the key definitions under this law?
The Resolution does not provide any specific definitions. It refers to "Virtual Asset Service Providers (VASPs)" and "local licensing authority" without defining these terms. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025)
What are the main obligations and requirements?
The main obligations under this Resolution are:
- The SCA shall collect the specified fees for registration, licensing, renewal, and cancellation services provided to VASPs. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
- The local licensing authority shall, in coordination with the SCA, issue the fees due for its services provided to VASPs it has licensed. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
- The SCA shall collect the fees for services provided during the period from the effective date of the previous Cabinet Resolution No. (111) of 2022 until the effective date of this Resolution. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
What licensing, registration, or approval requirements exist?
The Resolution specifies the following licensing and registration requirements for VASPs:
- VASPs licensed by the local licensing authority must pay a registration fee of AED 3,000, an annual renewal fee of AED 1,500, and a cancellation fee of AED 1,000. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
- VASPs not licensed by the local authority must pay licensing fees for different VASP activities, such as AED 450,000 for a Virtual Asset Platform Operator license, AED 75,000 for a Virtual Asset Custodian license, and AED 75,000 for a Virtual Asset Broker license. Annual renewal and cancellation fees are also specified. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
Which authorities or bodies are responsible for enforcement?
The key authorities responsible for enforcement under this Resolution are:
- The Securities and Commodities Authority (SCA): Collects the fees specified in the Resolution for services provided to VASPs. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1, 3)
- The local licensing authority: Coordinates with the SCA to issue fees for its services provided to VASPs it has licensed. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
- The Cabinet: Has the authority to make any amendments to the fees set forth in this Resolution, whether by addition, deletion, or modification. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 2)
What fees, charges, or financial provisions are specified?
The Resolution specifies the following fees:
- For VASPs licensed by the local authority:
- Registration fee: AED 3,000
- Annual renewal fee: AED 1,500
- Cancellation fee: AED 1,000
- For VASPs not licensed by the local authority:
- Virtual Asset Platform Operator license: AED 450,000 (issuance), AED 220,000 (annual renewal), AED 10,000 (cancellation)
- Virtual Asset Platform Operator (exercising all VASP activities): AED 525,000 (issuance), AED 275,000 (annual renewal), AED 10,000 (cancellation)
- Virtual Asset Custodian license: AED 75,000 (issuance), AED 55,000 (annual renewal), AED 1,000 (cancellation)
- Virtual Asset Broker license: AED 75,000 (issuance), AED 55,000 (annual renewal), AED 1,000 (cancellation)
(Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 1)
When did this law come into effect?
This Cabinet Resolution came into effect on 27 June 2025, the day following its publication in the Official Gazette No. 802. (Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers, 2025, Art. 4)
Source Documents
This article analyses Cabinet Resolution Regarding Fees for Services Provided to Virtual Asset Service Providers for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.