As Virtual Asset Service Providers (VASPs) continue to evolve in the UAE under the regulatory framework of the Virtual Assets Regulatory Authority (VARA), ensuring regulatory compliance, transparency, and accountability has never been more critical. At Affiniax Partners, we specialise in offering a range of tailored services that help VASPs meet their obligations while enhancing their operational resilience.
Our expertise, combined with in-depth knowledge of the virtual asset industry, positions us as the go-to partner for VASPs navigating the complexities of compliance under VARA regulations.
Our Key VASP Compliance Service Offerings:
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Agreed-Upon Procedures (AUP) Engagements
Affiniax Partners performs AUP engagements in accordance with ISRS 4400 (Revised). These engagements focus on specific procedures, such as Proof of Reserve (POR) audits, ensuring that VASPs can transparently demonstrate the existence and control of their assets to customers and regulators. Our non-assurance reports help build trust through verifiable financial and operational data.
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AML & CFT Compliance Audits
As per the Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering (AML), VASPs are required to establish and maintain robust AML and Counter-Terrorism Financing (CFT) measures. Affiniax Partners assists VASPs in auditing and strengthening their AML/CFT frameworks, including customer due diligence, transaction monitoring, and reporting of suspicious activities.
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Internal Controls and Risk Management
We evaluate and enhance internal controls, including cybersecurity and asset custody mechanisms. Our team works closely with VASPs to identify potential risks and implement effective risk management practices, ensuring they remain compliant with VARA’s regulatory requirements while protecting digital assets from operational and cyber threats.
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Statutory Financial Audits
Our team provides comprehensive financial audit services to VASPs, ensuring that their financial statements comply with International Financial Reporting Standards (IFRS) and are in line with regulatory expectations. Affiniax Partners helps VASPs maintain financial transparency, ensuring investor and regulator confidence.
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VARA Regulatory Reporting Support
VASPs must adhere to VARA’s regulatory reporting requirements. Affiniax Partners provides specialized support in preparing and submitting these reports, ensuring accuracy and compliance with deadlines. Our team handles the complexities of operational reports, financial disclosures, and compliance updates to maintain seamless regulatory relationships.
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Proof of Reserves (POR) Verification
In today’s environment, demonstrating sufficient reserves to cover liabilities is essential for VASPs. Affiniax Partners provides independent Proof of Reserves (POR) verification services, helping VASPs showcase their asset security and instill confidence in customers and stakeholders. Our POR reports provide a clear picture of your financial health, verifying that the assets under your control match your liabilities.
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Tax Advisory Services
Affiniax Partners also offers tax advisory services, ensuring that VASPs operating in the UAE fully comply with local tax laws, including VAT and corporate tax obligations. Our team helps VASPs with tax planning and compliance, ensuring optimized tax strategies while avoiding regulatory pitfalls.
Why Affiniax Partners?
With years of experience in audit and advisory services, Affiniax Partners understands the unique challenges faced by VASPs in a fast-changing regulatory environment. Our solutions are designed to ensure that your business remains compliant, secure, and transparent, giving you the peace of mind to focus on growth.
If you are a VASP registered under VARA, let Affiniax Partners be your trusted advisor in compliance, transparency, and operational excellence. Contact us to discuss how we can support your regulatory journey. You may contact Nihar Kothari, Co-Founder and Partner at nihar@affiniax.com
