Market Analysis
This is VARA's Exchange Services category under a DED-specific name — one of eleven near-identical codes in this dataset that all resolve to the same license. VARA's Schedule 2 sets exchange-tier fees at AED 100,000 application plus AED 200,000/year ongoing supervision, with paid-up capital requirements of AED 800,000-1,500,000 depending on whether you self-custody client assets or use a third-party custodian. Dubai is the only realistic base — VARA is a Dubai authority, and the exchange ecosystem (liquidity partners, banking relationships, other licensees) is concentrated there.
The "Centralised" qualifier in this activity name doesn't correspond to a separate VARA license tier — VARA regulates exchange *function*, not custodial architecture, so a CEX and a well-structured DEX both apply under the same category (see also: Decentralised Exchange Operator, Digital Asset Exchange, Virtual Asset Exchange, VA Exchange Services — all functionally this activity).
100% foreign ownership applies. The AED 30,000 "cheapest fee" figure in this dataset reflects the DED trade-name/registration layer only — VARA's regulatory fees sit on top and are the real cost driver by an order of magnitude.