Dubai VARA requires VASP to maintain 100% coverage of customer debt reserves

The Dubai Virtual Asset Regulatory Authority (VARA) has issued a circular requiring virtual asset service providers (VASPs) to maintain a reserve of no less than 100% of customer liabilities during the review period, hold the same virtual assets in a 1:1 ratio, and reconcile daily. The audit scope covers various wallet infrastructure, third-party custody assets, and customer asset segregation.