Odaily Planet Daily reported that on October 6, Dubai’s Virtual Assets Regulatory Authority (VARA) issued a reserve asset audit circular setting out the minimum requirements for independent VASP audits. VASPs must maintain reserves of at least 100% of customer liabilities throughout the review period, hold the same virtual assets on a 1:1 basis, and reconcile them daily. The audit must cover hot, warm, and cold wallets, third-party wallet infrastructure, and assets held in third-party custody. It must also verify the segregation of customer assets, control over wallets, and whether assets are being rehypothecated, lent, or otherwise used.