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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.

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