UAE Capital Market Authority (UAE CMA)

Rules as at 3 November 2026. Each statement carries its label and the section it comes from.

The licensing requirements and the phased application are described on the Authority's financial-activity licensing page. Guidance UAE CMA: Financial activity licences

Who it licenses

Firms carrying on any of its financial activities in the State outside the financial free zones. The applicant can be a UAE company, a foreign branch, or a free-zone company where that zone's law permits. Rule UAE CMA Financial Activities Rulebook Section 2 Ch 2 Art 1, Ch 4 Art 2(1) It also licenses virtual-asset service providers outside Dubai; firms serving Dubai are licensed by VARA and registered with the UAE CMA by default. Rule UAE CMA VASP General Module Art 2(1); UAE CMA and VARA agreement, 5 September 2024

Financial activity categories and capital

Virtual-asset service providers

Virtual-asset service providers are licensed under the VASP General Module, in force from 28 February 2026. Rule UAE CMA Chairman's Decision 04/Chairman/2026 Art 6

Fees

• Fifth Category: consultation AED 1,000 to apply and AED 5,000 for the licence; promotion AED 3,000 and AED 10,000; introducing AED 5,000 and AED 10,000; issuance manager and listing advisor AED 3,000 and AED 5,000. Rule UAE CMA service cards: Resolution 32/Chairman 2018 as amended by 18/Chairman 2026
• Second Category: portfolio management AED 5,000 and AED 75,000; fund management AED 5,000 and AED 35,000; fund administration AED 3,000 and AED 5,000. Rule UAE CMA service cards
• Virtual assets: Cabinet Resolution 83/2025 sets fees by the older activity names, for example AED 5,000 to apply and AED 75,000 for a broker or custodian licence. Rule Cabinet Resolution 83/2025 Art 1(2) How those lines map to the 2026 categories is our reading, and no fee line is published for Categories Four and Five. Judgement Cabinet Resolution 83/2025; VASP General Module

People, premises and reporting

A Fifth Category firm needs a category head or manager and a Head of Compliance, plus a Promotion Manager where it promotes; consultation, issuance manager and listing advisor activities add a Financial Analyst. Rule UAE CMA Financial Activities Rulebook Annex 1

A virtual-asset service provider needs a board, a Senior Manager, a chief executive, a chief financial officer, a Compliance Officer, an MLRO and an internal auditor. The Senior Manager, chief executive, Compliance Officer and MLRO must be resident, and the Compliance Officer and MLRO roles can be combined. It needs a physical head office in the State. Rule UAE CMA VASP General Module Art 54 to 57; Annex 2

Financial activity firms file reviewed quarterly reports within 45 days and audited annual reports within three months, keep records for ten years and keep cloud servers inside the State. Rule UAE CMA Financial Activities Rulebook Section 2 Ch 4 Art 2; Ch 5 Art 7

Documents

Every application pack, whichever the regulator, contains the same core documents. Rule UAE CMA Manual Chapter 4

• Regulatory business plan: the activities applied for, clients, products, three-year financial projections, and the capital plan showing the base capital and how it is funded.
• Corporate documents: constitution or articles, an ownership chart to the ultimate beneficial owners, the group structure, and for a branch the home regulator's consent or no-objection.
• Fit-and-proper files for every controller, director and senior manager: CVs, declarations, criminal and credit checks, and the regulator's own individual forms.
• Compliance and AML framework: compliance manual, AML and CFT policy and risk assessment, and the MLRO arrangements.
• Risk management framework and internal controls, including outsourcing and IT and cyber policies.
• Financial resources: capital adequacy workings and, for existing groups, audited accounts.
• Evidence of premises and of professional indemnity insurance where the category requires it.

The UAE CMA follows two steps: initial approval on the business plan and governance file, then the final licence once capital is paid up, premises and systems are in place, and the category head and head of compliance are accredited. Chapter 4 of the Manual lists the policies and guides required for each activity, and virtual-asset service providers go through the VASP General Module with an in-principle stage. Rule UAE CMA Manual Chapter 4; VASP General Module

How to apply, and published timelines

1. Confirm the activity and category. Clara, our AI assistant, maps your business to the Authority's financial activities or VASP categories.
2. File the initial-approval request, or for a virtual-asset service provider the in-principle request.
3. Meet the conditions within the period allowed.
4. File for the licence.

Financial activities: initial approval within 20 business days, the licence within 30 working days of a complete file, and six months, extendable once, to meet the conditions. Rule UAE CMA Financial Activities Rulebook Section 2 Ch 3 Art 1(3); Ch 4 Art 1(3)

Virtual-asset service providers: an in-principle decision within 45 working days of a complete application, six months, extendable once, to obtain the licence, and a licence decision within 60 working days. Rule UAE CMA VASP General Module Art 26, 74 A trading facility follows the ATS Module, with a decision within 60 working days of a complete file. Rule UAE CMA ATS Module Art 80

Check a firm

The Authority's site lists licensed companies and publishes warnings about entities operating without a licence. Guidance UAE CMA: Licensed companies; Warnings and violations

Questions