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October 6, 2026 10:56 pm
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Dubai’s Virtual Assets Regulatory Authority (VARA) announced minimum requirements for independent audits of reserve assets held by virtual asset service providers (VASPs). VARA said VASPs must maintain reserves exceeding 100% of client liabilities during the audit period, hold the same virtual assets as clients on a one-to-one basis, and reconcile them daily. It added that audits must cover hot, warm, and cold wallets as well as third-party custodial assets, while also checking whether client assets are segregated and whether they are being used for activities such as restaking or lending.