The Dubai World Trade Centre Free Zone incorporates companies and issues commercial licences, but it does not regulate virtual assets: the regulator is VARA, whose remit covers every free zone in Dubai except the DIFC. A virtual asset business in DWTC needs two licences from two different bodies: an operational licence from the DWTC Authority and a VASP licence from VARA. The detail almost nobody spells out: the DWTC non-operational licence is valid for one year, and if the VARA VASP licence is not obtained within it, the licence is not renewed and the fees paid are forfeited.
