Dubai Regulator Grants Triple-A Initial Approval for Broker-Dealer Licence
What's happening
Triple-A, a Singapore-based global payment institution, has been granted In-Principle Approval (IPA) by Dubai's Virtual Assets Regulatory Authority (VARA) to provide broker-dealer services. The firm must now complete operational readiness requirements and meet VARA's remaining conditions as its application moves toward a full licence. VARA oversees the provision, use and exchange of virtual assets in Dubai. The IPA moves Triple-A into the final phase of VARA's licensing procedure before a full licence can be issued.
Why it's trending
VARA is actively finalising licences for payments and crypto players in the UAE, and firms are advancing from IPA toward full authorisation now.
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Triple-A just cleared VARA's in-principle hurdle, here's what that actually means for payments firms expanding into Dubai right now.
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Original sources5
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Remitly has been granted a Stored Value Facilities and Exchange Business Category IV licence by the Central Bank of the UAE, the formal recognition of months of groundwork in the region and the foundation for new products for customers in the UAE.
FinextraJul 16 - Revolut wins UAE approval for crypto licence
Revolut has taken another step toward introducing its global financial platform to the UAE, with digital assets now added to the range of services it expects to offer. The UK-based digital bank has obtained in-principle approval for a Virtual Assets Service Provider (VASP) licence from the Virtual Assets Regulatory Authority in Dubai, UAE. Subject to […]
Payment ExpertJul 16 - Dubai Regulator Grants Triple-A Initial Approval for Broker-Dealer Licence
Triple-A has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for broker-dealer services. The Singapore-based payments company must now complete operational readiness requirements and meet the regulator’s remaining conditions as its application moves towards a full licence. Its licensing assessment remains ongoing. VARA oversees the provision, use and exchange
Fintech News SingaporeJul 16
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