The Dubai Virtual Assets Regulatory Authority (VARA) has taken action against seven unlicensed crypto entities for operating without licenses and violating marketing regulations. VARA has issued cease-and-desist orders and imposed fines on these entities. The regulator warned the public of the risks associated with dealing with unlicensed crypto businesses, emphasizing the potential for financial and…
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Crypto.com has secured a payment service provider (PSP) license from the Central Bank of Bahrain (CBB). This license allows the crypto exchange to offer e-money and fiat-based payment services, including its prepaid cards, in the region. The approval adds to Crypto.com’s growing list of regulatory approvals worldwide, further solidifying its global presence. Meanwhile, Amber Group’s…
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Binance is transitioning UAE resident accounts to its new regulated local entity, Binance FZE, following a Virtual Asset Service Provider license from Dubai’s regulator. This change will allow UAE users to access various virtual asset services locally, including AED bank deposits and withdrawals. Binance’s Local Exchange in UAE Now Licensed Crypto exchange Binance announced on…
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Matthew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), expressed the watchdog’s commitment to easing the regulation burden for smaller crypto entities. Speaking at a regulatory panel discussion during the Paris Blockchain Week, White acknowledged the imperfections in crypto regulations and emphasized the need for improvement. VARA CEO Advocates for Innovative Solutions to Regulatory…
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Deribit, the world’s largest crypto options exchange, said Tuesday that its Dubai-based subsidiary was granted a conditional virtual asset service provider license by the Virtual Asset Regulatory Authority (VARA). While the license encompasses both spot and derivatives trading activities, it is currently not operational. Deribit must fulfill all outstanding requirements and VARA’s specific localization criteria…
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Matt White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), sees the Financial Action Task Force’s removal of the UAE from the grey list as a positive move, clearing the way for increased crypto-related investments. After the UAE fulfilled its action plan to tackle money laundering and terrorism financing, the FATF decided to remove the…
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On Tuesday, Nexo announced its Dubai entity, Nexo DWTC, had secured preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to engage in virtual asset lending, borrowing, and broker-dealer activities within the UAE’s most populous city. Nexo Gains Initial VARA Approval for Dubai Crypto Operations The crypto lender Nexo received a provisional “Initial Approval [IA]”…
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Dubai’s Virtual Assets Regulatory Authority (VARA) has awarded a virtual asset service provider (VASP) license to Bulgarian decentralized lending platform Nexo to operate and offer services in and from the Emirates. As announced on Tuesday, the approval marks the first step in obtaining a full license, which includes an initial provisional permit, a preparatory license,…
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Image Source: Adobe Cryptocurrency exchange OKX has received regulatory approval from Dubai’s financial authorities to offer retail virtual asset services to customers. In a statement on Jan 16, the company disclosed that its Dubai subsidiary has been granted a virtual asset service provider license (VASP) from Dubai’s Virtual Asset Regulatory Authority (VARA) to expand its…
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Source: fasset.ae Digital asset brokerage Fasset FZE has received a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. According to the press release, the operational license is the final stage in VARA’s approval process. It authorizes the company to provide digital asset broker-dealer services to retail and institutional investors, in…
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