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Cryptocurrencies

Cryptocurrencies

Dubai crypto regulator licenses MVP broker-dealer.

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Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration ... Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration ... Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration

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Dubai’s crypto regulator gave BitOasis the first broker-dealer minimum viable product operating license Monday.

Dubai’s Virtual Asset Regulatory Authority (VARA) was founded in March 2022 to govern the industry as the UAE seeks to become a virtual asset powerhouse.

VARA licenses businesses slowly. BitOasis completed MVP first.

VARA’s website says no FMP firm is licensed.

VARA’s regulatory framework allows BitOasis to offer broker-dealer services to qualifying retail and institutional clients from its Dubai headquarters.

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

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