Dubai’s Virtual Assets Regulatory Authority (VARA) issued a reserve asset audit circular on October 6, setting minimum requirements for independent audits of virtual asset service providers (VASPs). According to Odaily, VASPs must maintain reserves equal to at least 100% of customer liabilities throughout the review period, hold the same virtual assets on a 1:1 basis, and reconcile balances daily. The audit scope must cover hot wallets, warm wallets, cold wallets, third-party wallet infrastructure, and assets held in third-party custody, while also checking customer asset segregation, wallet control, and whether assets are subject to rehypothecation, lending, or other uses.