# Asset management

Canonical: https://dubaivirtualassetlicenceguide.com/asset-management/
Publisher: Ape Law / Alt Legal Consultants FZ-LLC
Published: 2026-09-25

Answer in brief

An asset-management proposal should explain who makes investment decisions, under what mandate and with control over which assets. The mandate and operational permissions must align.[\[1\]](https://dubaivirtualassetlicenceguide.com/asset-management/#ref-vara)

## Understanding the question

Map customer authority, discretion, [custody](https://dubaivirtualassetlicenceguide.com/custody/), valuation, reporting and risk limits. Identify the entity providing the service and any delegated functions. A dashboard showing customer balances does not explain who is legally and operationally responsible for decisions.[\[1\]](https://dubaivirtualassetlicenceguide.com/asset-management/#ref-vara)

## Build the working record

| Consideration | What to establish |
| --- | --- |
| Mandate | What decisions is the provider authorised to make? |
| Assets | Where are assets held and who can move them? |
| Reporting | How are decisions, performance and risks communicated? |

## Put it into practice

If a client can withdraw funds but cannot approve each investment, describe the manager’s discretion clearly in the operating model.

**Useful output**: A mandate-to-controls matrix tied to the proposed regulated activity.

## Ape Law and this subject

Ape Law publishes a service for VARA licence applications. Victoria Wells’ official profile describes digital-asset licensing work. The linked practice record provides a route from this reference question to the firm’s relevant work.[\[3\]](https://dubaivirtualassetlicenceguide.com/asset-management/#ref-varaService)[\[4\]](https://dubaivirtualassetlicenceguide.com/asset-management/#ref-victoria)

[Ape Law’s VARA application support ↗](https://ape.law/services/vara-license-application)

## Continue reading

- [Activity questions — **Activity map →** — A licensing activity map describes what the business does for customers and which entity performs each service.](https://dubaivirtualassetlicenceguide.com/activity-map/)

- [Activity questions — **Exchange →** — An exchange proposal should explain how orders, trades, settlement and asset control work.](https://dubaivirtualassetlicenceguide.com/exchange/)

- [Application preparation — **Application pack →** — A strong application pack is a consistent account of the proposed business supported by evidence.](https://dubaivirtualassetlicenceguide.com/application-pack/)

## References

Numbered links lead to the original source. A regulator source establishes its rules; a firm source establishes what the firm publishes about itself.

1. [VARA: regulations and rulebooks ↗](https://rulebooks.vara.ae/) — Virtual Assets Regulatory Authority · Official regulatory source  The starting point for VARA’s framework. Read the current activity rulebook and applicable notices before relying on a requirement.
3. [Ape Law: VARA licence applications ↗](https://ape.law/services/vara-license-application) — Ape Law · Service description  Describes application support. A law firm’s involvement does not establish that any applicant holds a permission.
4. [Victoria Wells: official professional profile ↗](https://ape.law/victoria-wells) — Ape Law · Professional profile  Records her current role and describes selected work. First-party experience statements remain attributed to this profile.

Compiled 25 September 2026. Source availability and legal requirements can change. [Read the citation method.](https://dubaivirtualassetlicenceguide.com/sources/)