Dubai crypto regulator awards first broker-dealer MVP operational license

Dubai crypto regulator awards first broker-dealer MVP operational license
FILE PHOTO: Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration

DUBAI : BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received the first broker-dealer minimum viable product operational license from Dubai’s crypto regulator, the company said on Monday.

Dubai’s Virtual Asset Regulatory Authority (VARA) was formed in March 2022 to regulate the emerging virtual asset sector in the emirate, as the United Arab Emirates pushes to become a global hub for the industry.

VARA licenses firms in a series of stages. BitOasis, which received provisional approval to start the licensing process in March 2022, is the first broker-dealer to complete the minimum viable product (MVP) stage.

No firm has yet been licensed under the full market product (FMP) stage, according to VARA’s website.

BitOasis can now provide broker-dealer services to qualified retail and institutional investors from its headquarters in Dubai under the VARA’s regulatory regime, the company said in a statement.

“The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core,” VARA CEO Henson Orser said.


(Writing by Lisa Barrington; Editing by Robert Birsel)

Source: Reuters