top of page
Search

UAE's Crypto Landscape Evolves as Dubai Regulator Grants First Broker-Dealer MVP License

GB Market Commentary 03/05/2023

by Marcus Sotiriou


Dubai’s crypto regulator has granted BitOasis, a digital asset broker based in the middle East, the first broker-dealer minimum viable product operational license. BitOasis announced the news on Monday.


After forming in March 2022, Dubai's Virtual Asset Regulatory Authority (VARA) launched to provide rules and guidance for the crypto industry in the region, as the UAE has ambitious goals for the industry.


Since starting the licensing process in March 2022, BitOasis has now completed the minimum viable product (MVP) stage – VARA licenses companies in various stages, but there are not any digital asset brokers that have made it past the MVP stage other than BitOasis.


The next stage for BitOasis to complete will be the full market product (FMP) stage, but the current stage allows them to provide broker-dealer services to qualified retail and institutional investors from Dubai. VARA CEO said, “The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core."


VARA’s forward-looking approach to regulating the crypto ecosystem and providing guidance to digital asset brokers is admirable and, in my opinion, will put them a step ahead of other jurisdictions for at least the next couple of years.


Start building your Crypto Portfolio today. Download the GlobalBlock App


Comments

GCEX New Logo and Icons 300X300 (1).png

Terms & Conditions

Privacy & GDPR Policy

Cookie Policy

Jurisdictions

Complaints Procedure

+44 20 4634 3947

info@globalblock.eu

​

  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • telegram logo

GC Exchange A/S is a company incorporated and registered in accordance with the laws of the Kingdom of Denmark (CVR 43088777), authorised by the Danish Financial Supervisory Authority (FTID 45020) as a Currency Exchange and registered as a Virtual Asset Service Provider (FTID 17524) under the Danish Act on the Prevention of Money Laundering and Financing of Terrorism. 

​

GlobalBlock is a trading name of GC Exchange A/S. Following GCEX’s acquisition of GlobalBlock, all services previously provided under the GlobalBlock name are now operated and managed by GC Exchange A/S.

 

All fiat and cryptoassets transferred to GC Exchange A/S are received and held on a title transfer basis, meaning ownership passes to GC Exchange A/S and clients hold a contractual claim for equivalent amounts. Fiat funds do not constitute deposits or electronic money under Danish or EU law and are not protected by any deposit guarantee or investor compensation scheme. Cryptoassets are not safeguarded or insured, and clients bear the full risk of loss.

 

Cryptoasset services are not regulated by the UK Financial Conduct Authority (FCA). Clients will have no recourse to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).

 

Cryptoassets are volatile investment instruments that carry a high degree of risk. The value of cryptoassets can go down as well as up, and you may lose the entire amount invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. If necessary, seek independent financial advice.

 

GCEX’s products and services are intended for professional and institutional clients only and are not marketed to retail clients in the United Kingdom.

 

The information on this website is provided for information purposes only and does not constitute investment advice or a solicitation to buy or sell any financial instrument or virtual asset.

bottom of page