Licensing a virtual-asset exchange under VARA
How an engagement runs from first scoping to application: the activity mapping, the regulator dialogue and the compliance framework built along the way.
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Case studies · since 2016
Client success stories and representative cases
Last updated: August 2026
The evidence of the firm’s work, in two levels of depth. Client success stories are deeper accounts of individual engagements, published with the client’s authorisation. Behind them sits a library of representative cases showing the breadth of matters handled across the UAE’s virtual-asset regimes.
Depth of experience
Client Success Stories
Selected matters where the firm has been authorised to share an account, anonymised or named, of the work and the outcome.
Structuring an asset-backed token offering
A walkthrough of the structuring decisions behind a tokenised real-world asset: issuance vehicle, custody arrangements and offer documents.
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A foundation, a HoldCo and a DevCo: one protocol’s stack
Why a multi-entity structure was chosen, how IP and treasury were allocated, and what the operating setup looks like day to day.
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An exchange’s route into the UAE
The sequencing of corporate setup, regulator engagement and product scope for a market entry, told step by step.
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Choosing between federal and free-zone routes
How a regime comparison is run — market access, scope and cost — and how a licensing path is selected from it.
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Setting up a digital-asset fund manager
The governance structures and offering materials behind a fund-manager application, from mandate to filing.
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Building a marketing-compliance programme
Designing the review workflow, risk warnings and record-keeping that keep a crypto brand’s campaigns compliant.
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A founder’s relocation and wealth structure
Residency, custody and succession considered together: how a private-client engagement is scoped and delivered.
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Prototype entries for design review — not actual NeosLegal engagements. Real client success stories will appear here once approved for publication.
Breadth of experience
Representative Cases
70 concise records of matters the firm has advised on, across 15 practice areas. Each notes the mandate and what was delivered; clients are anonymised where required.
VASP Licensing & Regulatory
Global Payment Network – All Five UAE Regimes
Advised a leading global payment network across all five UAE VASP regimes (VARA, ADGM, DIFC, CMA/SCA and CBUAE), benchmarking each against the client's activities and delivering a jurisdiction-selection matrix that anchored a multi-entity licensing strategy.
VASP Licensing & Regulatory
UAE Structure for an EU-Licensed Crypto Bank
Designed the UAE legal structure and VASP licensing pathway for an EU-licensed crypto bank, mapping its existing European permissions onto UAE requirements so the new entity integrated with the group without duplicative compliance.
VASP Licensing & Regulatory
RWA Tokenisation Platform under VARA
Designed the VASP licensing pathway for a Dubai real-world-asset tokenisation platform under VARA, aligning its token-offering model with both VARA rules and global standards to make the platform institutional-investor ready.
VASP Licensing & Regulatory
Stablecoin Issuer – CBUAE
Advised a banking and technology consortium on CBUAE Payment Token Services licensing for an AED-backed stablecoin, designing the issuance, redemption and reserve/risk-management framework to meet the Central Bank's regulations.
VASP Licensing & Regulatory
Asian Exchange – UAE Entry & VARA Licensing
Built the UAE market-entry and VARA licensing roadmap for a major Asian crypto exchange, sequencing corporate setup, regulator engagement and product scope so the launch stayed aligned with the group's existing global operations.
RWA Tokenisation
Gold-Backed Token Offering
Advised on the issuance of a gold-backed token, structuring the licensing, issuance and physical-custody arrangements so the offering met UAE regulatory requirements for asset-referenced tokens.
RWA Tokenisation
Renewable Energy / Solar Farm Tokenisation
Created the legal structure for tokenising a solar-farm project, covering token classification, cross-border offering strategy and platform-listing terms to open the asset to international investors.
RWA Tokenisation
UAE Corporate Bond Tokenisation
Structured the legal framework for tokenizing a UAE-issued corporate bond, ensuring compliance with securities laws, investor protections and on-chain coupon/dividend distribution.
RWA Tokenisation
Allocated Precious Metals Tokenisation
Advised on tokenizing allocated gold and silver, delivering regulator-aligned offering documents, custody/vaulting arrangements and compliant investor onboarding for global distribution.
RWA Tokenisation
Fractionalised Diamond Tokenisation
Built the regulatory and contractual structure for a fractional diamond-ownership token, covering asset verification, custody and investor-grade disclosures for compliant sales across multiple jurisdictions.
RWA Tokenisation
Multi-Asset Tokenisation Marketplace
Advised on entity structuring, licensing and governance for a UAE-based marketplace listing tokenised commodities, establishing the framework for a compliant multi-asset secondary venue.
Corporate & Web3 Structuring
Token Legal Opinion for a Tier-1 Listing
Issued a token-classification legal opinion for a Layer-1 project seeking a Binance listing, satisfying the exchange’s onboarding requirements and addressing classification across multiple regulatory regimes.
Corporate & Web3 Structuring
Multi-Entity Web3 Ecosystem
Structured a complete multi-entity Web3 framework - offshore Foundation for the protocol and token, UAE HoldCo and operating DevCo - allocating IP, treasury and liability across the stack for a DeFi protocol.
Bitcoin Structuring
UAE Entity for a Bitcoin Mining Group
Structured a UAE holding-and-operating entity for an international Bitcoin-mining firm, securing local-law compliance while preserving full control over treasury, equipment and self-custody.
Token Launch & Legal Opinions
Tier-1 Exchange Token Listing
Delivered the legal opinion and multi-jurisdictional compliance analysis for a DeFi governance token, securing a Tier-1 exchange listing and enabling a compliant global fundraise.
Token Launch & Legal Opinions
Swiss Token Issuer + UAE DevCo
Established a Swiss Association and UAE DevCo for a Layer-1 blockchain, enabling compliant token issuance, treasury management and durable governance protections.
Token Launch & Legal Opinions
DAO Governance Token
Structured the token issuance for a DAO - regulatory classification, foundation setup and an exchange-accepted legal opinion - so decentralized governance stayed compliant.
Token Launch & Legal Opinions
Government Token Classification Advisory
Advised a UAE government entity on token-classification frameworks, providing the legal analysis and regulatory pathways used to guide policy development and support market adoption.
Token Launch & Legal Opinions
DeFi Launchpad – 50+ Legal Opinions
Structured a global launchpad for DeFi token launches, building its legal architecture and compliance framework and delivering 50+ token legal opinions, all accepted by Tier-1 exchanges.
Token Launch & Legal Opinions
Tier-1 Opinions – 100% Acceptance Rate
Delivered token legal opinions accepted by every major Tier-1 exchange - Binance, Bybit, OKX, Gate.io, KuCoin and Bitget - with a 100% acceptance rate across listings.
VC Funds
ADGM Fund Manager Licence
Advised a digital-asset fund manager on securing an ADGM fund-manager licence, preparing the full application, governance structures and investor-offering materials to FSRA standards.
VC Funds
Cayman-Domiciled Venture Capital Fund
Established a Cayman-domiciled venture fund for a global crypto VC, designing the GP/LP structure, drafting offering documents and meeting Cayman and cross-border investor requirements.
VC Funds
Family Office Proprietary Fund
Structured a proprietary investment vehicle for a UAE family office to manage crypto and venture holdings, integrating tax efficiency, succession planning and international reporting compliance.
VC Funds
Ongoing Counsel to a UAE Crypto VC
Act as ongoing legal counsel to a UAE-based crypto VC across investment due diligence, deal structuring and portfolio monitoring through legally robust documentation.
VC Funds
80+ Portfolio Company Support
Provided ongoing legal advisory to 80+ portfolio companies of a crypto VC, covering token structuring, VASP licensing and cross-border compliance to support scalable growth.
VC Funds
Crypto VC Fund Tax Restructuring
Restructured an $80M+ crypto VC fund, renegotiating 120+ SAFTs and SAFE+Ts into an optimized tax and governance framework that preserved investor protections and reduced long-term liabilities.
Tax Structuring
Layer-2 Token Tax Framework
Structured the token-issuance entity for a Layer-2 protocol to reduce VAT and withholding-tax exposure, aligning token sales with tax rules and enabling compliant Tier-1 listings.
Tax Structuring
$700M DAO Treasury Vehicle
Designed a tax-optimized treasury vehicle for a DAO managing $700M in digital assets, ensuring compliant custody, DeFi participation and secure reward distribution to token holders across jurisdictions.
Market Entry & Advisory
EU-Regulated Exchange – UAE Entry
Managed the UAE market entry of an EU-regulated crypto exchange, handling corporate structuring, federal regulatory submissions and preparation for full operational rollout.
Private Client
$50M Multi-Jurisdiction BTC + Real Estate
Designed cross-border structures for a crypto founder holding $50M in Bitcoin and real estate across Switzerland, the UAE and Singapore, integrating tax and estate planning into a single framework.
Crypto Custody
Custody Licence – Regulator Selection
Advised an institutional custodian comparing VARA, ADGM/FSRA and DIFC/DFSA custody permissions, mapping capital, asset-segregation and reporting requirements across the four UAE routes to select the optimal licensing path.
Crypto Broker-Dealer
OTC Desk Licensing
Advised a digital-asset OTC desk on licensing and compliance, structuring principal-basis trading, settlement and AML controls for high-value institutional counterparties.
Marketing Compliance
Influencer & KOL Compliance Program
Advised a VARA-licensed business on its influencer and KOL marketing program, drafting compliant promotion agreements, disclosure requirements and an approval workflow aligned with VARA's marketing rules.
CMA Federal Licensing
Federal VASP Licensing (CMA/SCA)
Advised a virtual-asset platform on the federal licensing route under the CMA/SCA regime, mapping its activities to federal categories and coordinating with the mainland or free-zone setup.
GameFi / iGaming
GCGRA iGaming Licensing
Advised an online-gaming operator on the GCGRA licensing route in the UAE, structuring the entity, responsible-gaming controls and compliance framework for a regulated launch.
GameFi / iGaming
Play-to-Earn Token Classification
Advised a GameFi studio on the classification of its in-game and reward tokens, mapping the VARA route and structuring issuance to avoid gambling and securities pitfalls.
GameFi / iGaming
GameFi + iGaming Dual-Route Structuring
Structured a platform straddling GameFi and iGaming, coordinating GCGRA and VARA requirements so gaming, wagering and token mechanics each sat in the correct regime.
ADGM Licensing
ADGM/FSRA Application for a Digital-Asset Exchange
Advised an operator on an ADGM/FSRA licence for a multilateral trading facility, preparing the regulatory business plan and governance framework.
Bitcoin Structuring
VARA-Regulated Bitcoin-Only Fiat On/Off-Ramp
Advised a Bitcoin-native fiat on/off-ramp on corporate structuring, compliance and VARA VASP licensing, supporting the platform through its application for regulated operations.
Bitcoin Structuring
Bitcoin Holdings for an Individual Founder
Created a personal holding structure for an entrepreneur relocating to the UAE with long-term Bitcoin exposure, securing tax optimization, regulatory protection and succession planning without compromising self-custody.
Market Entry & Advisory
VARA Licensing for a Broker-Dealer
Ran the VARA licensing process for a digital-asset broker-dealer - regulator engagement, application and compliance-framework build - with approval progressing.
VASP Licensing & Regulatory
Institutional Custodian – ADGM/FSRA
Advised an institutional digital-asset custodian on ADGM/FSRA licensing, capital-adequacy treatment and operational manuals, clearing the path for compliant onboarding of high-value clients and cross-border custody from the UAE.
Market Entry & Advisory
DAO Structuring for the #1 DEX
Advised the world's #1 decentralized exchange on UAE DAO structuring, weighing ADGM foundations against the RAK DAO regime to optimize governance, liability protection and regulatory alignment.
CMA Federal Licensing
Federal vs Free-Zone Route Selection
Advised a client comparing a CMA federal licence against VARA licensing regimes, weighing market access, scope and cost to select the optimal licensing path.
Corporate & Web3 Structuring
Decentralized Exchange Corporate Stack
Structured the corporate stack for a decentralized exchange - offshore entities for token issuance paired with Dubai-based DevCos - to support protocol operations within a globally compliant framework.
Crypto Custody
Qualified Custody Build-Out
Advised a digital-asset custodian on structuring a qualified-custody offering, covering client-asset segregation, MPC/key-management controls, insurance and the operational manuals required by the regulator.
Crypto Custody
Custody Arrangements for an Exchange/Fund
Designed the custody arrangements for a regulated exchange and fund client, separating custody from trading and aligning wallet infrastructure, reconciliation and liability allocation with licensing conditions.
Crypto Broker-Dealer
Agency Brokerage Model
Structured an agency-model crypto brokerage, defining best-execution, client-money handling and order-routing arrangements to meet broker-dealer licensing conditions.
Crypto Broker-Dealer
Principal Trading Firm Permissions
Advised a principal trading firm on its UAE broker-dealer permissions, addressing market-making activity, capital requirements and conduct-of-business rules.
Marketing Compliance
Marketing-Compliance Framework for an Exchange
Built the marketing-compliance framework for a crypto exchange, establishing pre-publication review, risk-warning standards and record-keeping to satisfy regulator marketing requirements.
Marketing Compliance
Regulator Marketing-Enforcement Response
Advised a crypto business on responding to a regulator marketing query, remediating non-compliant promotions and implementing controls to prevent recurrence.
Marketing Compliance
Cross-Border Campaign Compliance Review
Reviewed a global marketing campaign for UAE compliance, screening claims, audience targeting and disclaimers against VARA and federal requirements before launch.
Corporate & Web3 Structuring
Swiss Foundation + Dubai Operating Entity
Set up a Swiss foundation to hold protocol IP and treasury, paired with a Dubai commercial entity for operations and ecosystem growth across MENA, balancing decentralisation with commercial execution.
Corporate & Web3 Structuring
Web3 GameFi Corporate Structuring
Structured a multi-jurisdictional setup for a blockchain-gaming platform, covering in-game token issuance, licensing and tax-efficient routing of revenue from NFTs and on-chain assets.
Tax Structuring
Family Office Crypto Tax Strategy
Developed a bespoke tax strategy for a UAE-based family office, optimizing cross-border structuring of Bitcoin and tokenized assets while reducing global tax exposure and ensuring long-term compliance.
Tax Structuring
UAE Residency & Exit Planning ($10M+)
Advised a European crypto founder on achieving UAE tax residency and structuring an exit from a high-tax jurisdiction, eliminating tax exposure on $10M+ of crypto holdings.
Tax Structuring
VC Fund Tax Restructuring ($80M AUM)
Restructured a crypto VC fund with $80M AUM, renegotiating 120+ SAFEs and SAFTs to improve tax treatment, strengthen governance and align distributions with international tax standards.
Tax Structuring
Asia-to-Dubai Relocation & Expansion
Supported a crypto entrepreneur relocating operations from Asia to Dubai, restructuring corporate entities and building a compliant framework for cross-border expansion into Europe.
Corporate & Web3 Structuring
Cross-Border Tax Structuring for a Web3 Founder
Advised a founder relocating to Dubai on corporate structuring, tax residency and Economic Substance compliance, protecting token holdings while reducing global tax exposure.
Market Entry & Advisory
European DAO Tooling Company – UAE Launch
Supported a European DAO-tooling company in launching a UAE entity, aligning its business model with emerging regulation and onboarding it into the local ecosystem.
Market Entry & Advisory
Switzerland + UAE DeFi Market Entry
Designed a dual-jurisdiction setup for a DeFi protocol - Swiss foundation plus UAE commercial entity - optimizing tax, governance and regulatory positioning.
Market Entry & Advisory
US VC-Backed Startup – UAE Entry
Advised a US crypto startup backed by Tier-1 VCs on UAE market entry, including company formation, VASP compliance mapping and founder employment visas.
Private Client
Family Office with Crypto Treasury
Established a UAE family office for a global entrepreneur with multiple exits, managing digital assets, traditional investments and legacy planning under one structure.
Private Client
Web3 Talent Golden Visa + Tax Optimization
Secured a Web3-talent Golden Visa for a European crypto entrepreneur, integrating global tax structuring to reduce liabilities while safeguarding wealth.
Private Client
Crypto Inheritance & Estate Planning
Designed a bespoke estate plan enabling heirs to inherit digital assets securely, avoiding probate disputes and ensuring compliant cross-border wealth transfer.
Private Client
Founder Venture Exit
Advised a crypto founder on a venture exit, structuring the share sale and purchase agreements, negotiating with co-founders and securing compliant wealth repatriation.
Private Client
Proprietary Investment / VC Vehicle
Established a proprietary venture-capital vehicle for a crypto entrepreneur, enabling compliant Web3 investments while optimizing tax efficiency.
Bitcoin Structuring
Family Office Bitcoin Treasury
Structured a compliant UAE holding entity for a HNW family office allocating to Bitcoin, optimizing for tax residency, asset protection and multi-jurisdictional reporting while preserving long-term self-custody.
Bitcoin Structuring
Bitcoin DeFi Protocol Structuring
Structured a Bitcoin-native DeFi project, advising on legal wrappers, regulatory positioning and protocol governance to give the protocol operational defensibility and jurisdictional clarity.
Bitcoin Structuring
Bitcoin Mining Operation Agreements
Structured and negotiated the key agreements for a UAE-based Bitcoin-mining venture, including equipment leases, energy-supply contracts and hosting terms.
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