# When might your Dubai OTC crypto activity need a licence? - Author: [Stephan Roberto](https://ape.law/stephan-roberto) - Published: 2026-03-09 - Updated: 2026-09-24 [Licensing](https://ape.law/blog/category/licensing) Identify whether the business trades for itself or provides a service to others; a trade label alone does not settle VARA licensing. [![Portrait of Stephan Roberto](https://ape.law/brand/stephan-roberto-square.png) By Stephan Roberto](https://ape.law/blog/authors/stephan-roberto) Published 9 March 2026 · Updated 24 September 2026 · 2 min read ![Two people exchanging Bitcoin through a glowing digital connection in Dubai.](https://ape.law/assets/blog/legacy/68cb2b19b28f2b920a493466f3f097d2e7349c7d237f0db23d25de203470a8e2.webp) “OTC” describes how a trade is arranged, not its regulatory status. A firm buying virtual assets for its own account is different from one arranging trades for clients, matching counterparties, taking custody or operating an exchange. Map the actual activity before deciding whether VARA authorisation is required in Dubai outside DIFC. ## Which facts matter? Record who owns the assets before and after each trade, who sets prices, who bears settlement risk, whether the firm advertises to clients, whether it handles client money or keys, and whether it receives a commission. One business can perform more than one regulated activity. [VARA’s activity rulebooks](https://rulebooks.vara.ae/) distinguish licensed virtual-asset services. Its [own-account investment rule](https://rulebooks.vara.ae/entiresection/15) includes registration when specified own-account activity reaches USD 250 million equivalent in a rolling 30-day period. Staying below that threshold does not by itself exempt broker-dealer, exchange, custody or other client-facing services. ## What about a Dubai court case sometimes cited in OTC guides? Commentary about Dubai Court of Cassation case 452/2024 exists, but the official judgment has not been verified for this guide. We therefore do **not** treat an account of that case as authority for a general OTC exemption or penalty rule. Obtain the judgment and assess its facts and holding before relying on it. ## What should you do before trading? Prepare a transaction-flow diagram, entity and client map, contract set, settlement process, custody description and expected volumes. Ask whether each step happens for the firm’s own account or for another person. Review AML/CFT, sanctions and banking requirements separately from the licence question. A bank’s onboarding decision is institution-specific and is not itself a legal permission. ## Sources and notes - [VARA, activity rulebooks](https://rulebooks.vara.ae/): the relevant activity definition must be applied to the actual service and Dubai jurisdiction. - [VARA, own-account investment provision](https://rulebooks.vara.ae/entiresection/15): rolling-30-day registration threshold, not a licence for other services. - [UAE Federal Decree-Law 10/2025](https://uaelegislation.gov.ae/en/legislations/3314/download): federal AML context. Criminal penalties require the exact conduct and provision; none is assumed here. *Updated 24 September 2026. General information, not a licensing opinion. No unverified court holding is relied upon.* **General information only** This article is general education and does not constitute personal legal, tax, financial, investment or regulatory advice. Rules, programmes and regulatory positions can change. Obtain advice from appropriately qualified professionals who understand your facts and the relevant jurisdictions before acting. Relevant legal service ## AML/CFT Compliance for Crypto Businesses Check that onboarding, monitoring and written policies match your customers, wallets and actual transaction flows. [Review AML/CFT readiness](https://ape.law/services/aml-cft-compliance-crypto-businesses) [Discuss your situation](https://ape.law/#contact) [OTC trading](https://ape.law/blog?q=OTC%20trading) [VARA](https://ape.law/blog?q=VARA) [broker-dealer](https://ape.law/blog?q=broker-dealer) [Dubai](https://ape.law/blog?q=Dubai) ![Portrait of Stephan Roberto](https://ape.law/brand/stephan-roberto-square.png) About the author ## Stephan Roberto CTO & Co-Founder Stephan leads Ape Law’s technical work on tokenomics, smart contracts and DeFi. His background includes Bitcoin mining and investing since 2012. [View profile and articles](https://ape.law/blog/authors/stephan-roberto) Keep reading ## Related articles. ![Dubai office display representing VARA licence costs and planning.](https://ape.law/assets/blog/legacy/3af66ab85855e90c104395a643683e17d7129dbe71e35511a4d0655e5498a2bb.webp) Licensing ### [What Will Your VARA Licence Really Cost in Dubai?](https://ape.law/blog/vara-license-cost) A current, activity-based guide to VARA application and supervision fees, regulatory capital and the compliance costs a Dubai VASP should budget before filing. ![Portrait of Victoria Wells](https://ape.law/brand/victoria-wells-square.png) Victoria Wells19 August 20263 min read ![Illuminated pillars labelled VARA, ADGM and CBUAE against the Dubai skyline.](https://ape.law/assets/blog/legacy/25eec5dc6aa4c7a5fa20ed981c4df5e63078314380c2f5296c43515012a437a2.webp) Licensing ### [What could your UAE stablecoin licence actually cost?](https://ape.law/blog/stablecoin-license-costs-uae) Compare published regulator fees with capital and reserve rules; do not treat a single fee as a complete UAE stablecoin budget. ![Portrait of Victoria Wells](https://ape.law/brand/victoria-wells-square.png) Victoria Wells19 January 20263 min read ![Dubai business district representing a DMCC crypto company setup.](https://ape.law/assets/blog/legacy/5665d2501e7df50b7c31b16889ad45b8b91166d75637e0e01b6595629f9910e4.webp) Licensing ### [Which DMCC Crypto Licence Fits Your Business?](https://ape.law/blog/dmcc-crypto-license) A practical guide to DMCC crypto and Web3 activities, the boundary with VARA authorisation, setup costs and the questions to resolve before incorporation. ![Portrait of Victoria Wells](https://ape.law/brand/victoria-wells-square.png) Victoria Wells25 March 20254 min read Canonical page: https://ape.law/blog/otc-crypto-trading-dubai-legal-advisory