Lunar Ark Secures VARA In-Principle Approval for Virtual Asset Brokerage

Lunar Ark has secured an In-Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a step forward in its plans to provide virtual-asset brokerage and premium over-the-counter (OTC) services in the UAE.

W3C said it supported Lunar Ark throughout its regulatory journey, helping the firm navigate VARA’s licensing process and align its compliance framework and operating model with regulatory expectations.

IPA Marks Step Toward Full VASP License

The IPA demonstrates that Lunar Ark has made significant progress through VARA’s licensing process and can now work toward satisfying the remaining conditions required for its full Virtual Asset Service Provider (VASP) licence, according to W3C CEO Rahim Ladjici.

However, the IPA does not permit Lunar Ark to commence regulated virtual-asset activities or service clients.

“W3C has supported Lunar Ark throughout its regulatory journey, helping the firm navigate VARA’s licensing process and align its compliance framework and operating model with regulatory expectations,” Ladjici said in a statement shared with Unlock Blockchain.

VARA Focuses on Operational Readiness

Ladjici said VARA is placing increasing emphasis on firms demonstrating that their compliance frameworks can operate effectively, rather than simply having policies and frameworks in place.

This includes strong governance, experienced key personnel, robust anti-money laundering and counter-terrorist financing (AML/CFT) and risk controls, technology resilience, and the ability to maintain compliance on an ongoing basis, he said.

“The In-Principle Approval (IPA) is an important milestone, demonstrating that Lunar Ark has made significant progress through the licensing process and can now work toward satisfying the remaining conditions for its full VASP licence,” Ladjici said.

According to Ladjici, the development reflects the continued maturation of Dubai’s virtual-asset regulatory framework, with greater focus on moving beyond licensing readiness toward sustainable and effective ongoing compliance.