Dubai is leading the charge when it comes to embracing the digital revolution and fostering the growth of the crypto industry. On Monday, the city took a monumental step with the first-ever broker-dealer Bas Minimum Viable Product (MVP) operational license issued by the Virtual Asset Regulatory Authority (VARA), being granted to crypto exchange, BitOasis. This license marks a historic milestone as it allows BitOasis to offer broker-dealer services to clientele such as qualified retail and institutional investors.

Established in March 2022, Dubai’s VARA was created to monitor and nurture the virtual asset sector within the emirate, making the city a hub of innovation within the industry. VARA's license also dictates that companies wanting to provide services related to crypto assets must register with the regulator and adhere to seven activity-based rulebooks specific to the type of service offered. As well as this, VARA issue a deadline of April 30th 2022, detailing that companies must provide an 'Initial Disclosure Questionnaire' to the regulator, with the ultimate goal of protecting the rights of investors.

The new guidelines come in the wake of FTX-style incidents experienced throughout the crypto trading landscape, with added transparency set to help mitigate the risk of further instances. With progressive initiatives such as VARA, Dubai is showing its willingness to become a global epicenter for the cryptocurrency industry and drawing attention from the global financial markets. It stands to reason that with such a platform of support from regulators, potential investors may be keen to acquire Dubai-based crypto assets.



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