Chainberg secures in-principle VARA approval in Dubai

Chainberg, the institutional custody arm of Liminal, has secured in-principle approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a key step towards obtaining a full Virtual Asset Service Provider (VASP) licence in the emirate.

The approval has placed Chainberg on VARA’s public register of entities that have received in-principle approval and has represented progress in the company’s efforts to establish a regulated digital asset custody presence in Dubai.

According to the company, the approval has followed an assessment of its governance framework, compliance capabilities, risk management processes and operational controls. The IPA status has not authorised the firm to conduct regulated virtual asset activities, and Chainberg has remained subject to additional regulatory requirements before receiving full authorisation.

Once licensed, the company has intended to provide institutional-grade digital asset custody services to qualified investors and institutional clients. Chainberg has targeted a broad range of organisations across the APAC and MENA regions, including digital asset exchanges, asset managers, hedge funds, corporate treasuries, family offices and public institutions.

Manan Vora, General Manager and Executive Director, Chainberg, said, “This approval validates the institutional-grade infrastructure and compliance-first approach we have built from day one. Institutional custody demands trust, governance and accountability alongside technology, and we remain focused on completing the final regulatory requirements to bring fully regulated custody services to market.”

The company has stated that its custody platform was designed to support secure asset storage, compliance-led onboarding and reporting processes aligned with regulatory standards.

The development has come as Dubai has continued to strengthen its position as a global hub for virtual assets through VARA’s regulatory framework. The authority has sought to establish standards covering governance, anti-money laundering controls, risk management and technology security, with the aim of supporting responsible growth across the digital asset sector.

For Chainberg, the in-principle approval has represented an important milestone as it has progressed towards launching fully regulated institutional custody services from Dubai.