Global Crypto exchanges, Huobi, Bybit, Equiti, and OKx have all made it to the MVP ( Minimum Viable Product) provisional phase of VARA’s regulatory journey, while crypto.com  and Binance have moved one step forward to the preparatory license phase.  As per VARA the MVP License is a 3-stage process starting with a (1) Provisional Permit; graduating to a (2) Preparatory License and concluding with an (3) Operating License. Applicants that are already in the MVP process will be advised by VARA to either continue within the MVP licensing process and/or be transitioned to the FMP Licensing process, ensuring a seamless transition with a focus on efficiency. So far as per VARA the only crypto exchanges in the second phase under preparatory license are Binance and crypto.com. Binance is also in preparatory phase for its payments offering.  VARA recently announced that Crypto.com move to the preparatory phase of the license after graduating from the provisional phase.  As per the release,

Dubai's regulator is currently pushing forth its crypto custodial licenses. Last week VARA ( Dubai Virtual Asset Regulatory Authority) provided Komainu DeFi, digital asset custodian with a provisionary license and today it has provided Hex Trust, fully licensed and insured provider of bank-grade custody and associated services for digital assets a Minimum Viable Product (MVP) license.  The MVP license will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services.   Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region. Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and cu