26-09-2025, 06:46 AM
Navigating the VARA licensing process is fraught with pitfalls, often stemming from underestimating its distinct requirements. A critical error is treating it like a standard financial license, leading to a flawed application. For instance, some applicants seek a generic scribddownloader for application templates, not realizing VARA demands highly specific, project-tailored documentation. Other common mistakes include submitting inadequate AML/CFT frameworks, poor localization plans for the Dubai market, and unclear governance structures. Failing to demonstrate sufficient operational capital or providing vague white papers further jeopardizes approval. Ultimately, the biggest misstep is not engaging with VARA's pre-application guidance, which is essential for this nuanced and rigorous regulatory journey.