After Dubai’s virtual asset regulatory authority revoked the MVP ( Minimum Viable Product) license for BitOasis earlier this month, Binance has now announced that it is the first crypto exchange to receive an operational MVP license from VARA. As per Binance blog, “Users who qualify will now be able to access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This milestone achievement affirms Binance’s commitment to building a compliant exchange in collaboration with local regulators.” Dubai's Virtual Assets Regulatory Authority has issued Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services. The blog goes further to state, “ We are pleased to announce that our Dubai subsidiary, Binance FZE, has become the first exchange to receive the Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA). “ The Opera...

  A day after Dubai’s virtual asset regulatory authority issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions, BitOasis replies back that this does not effect the services being offered to existing customers.  BitOasis was supposed to satisfy certain requirements within 30-60 days of receiving their MVP operational license prior to being permitted to undertake any VARA regulated market activity.  As such VARA is  exercising its authority to supervise and monitor compliance, assure fulfilment of prescribed conditions, impose remedial measures, and take necessary enforcement actions, including but not limited to holding BitOasis’ Licence status as non-operational. In response to this BitOasis replied , “ BitOasis  ongoing work to fulfill select conditions associated with its Operational MVP Licens...

  Crypto.com, a global crypto exchange seems it will soon  become the second crypto exchange in Dubai UAE to receive MVP operational license after BitOasis.   VARA’s public register had listed CRO DAX Middle East better known as Crypto.com as having an MVP operational license authorized for specific activities and product types. As stated prior, Crypto.com is only authorized to serve qualified retail and institutional clients, but VARA website has since then removed it and now states it has an MVP preparatory license.  Sources close to the matter state that this is a sign that an operational license is soon to come. This would make crypto.com the first global exchange to receive an MVP (Minimum Viable Product) operational license from VARA.  This comes after the UAE Central Bank recently announced its AML (Anti Money Laundering) and FTC for financial institutions dealing with VASPs. Binance has also yet to receive its operational license and still holds the...

  Japanese Nomura Bank’s, Komainu, a regulated digital asset custody provider, has received an MVP (Minimum Viable Product) operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This is one step from receiving the full operational license. This also follows HexTrust another digital asset custodian who received the license prior. Under the license Komainu will be able to offer both custodial and staking services. Komainu had received provisional regulatory approval from VARA in July 2022 allowing it to commence operational readiness even as the application goes through the warranted due diligence. Komainu acts as key gatekeeper to institutions gaining exposure to the digital asset industry with the provision of secure and regulated digital asset custody services for blockchain and beyond. Over the years, Komainu has established itself as one of the leading digital asset custody providers for institutional clients, providing the same safeguards and protec...

  As per Dubai VARA website, BitOasis, the crypto broker exchange has moved one step forward in its licensing process. It has become the first among VARA’s crypto broker dealers to receive MVP (Minimum Viable Product). operational license one step before the FMP ( Full Minimum Product) Operational License.   CoinMENA, Scallops, and MidChains are still in the first stage as MVP provisional while GCEX has received an MVP preparatory license one step before MVP operational license. BitOasis applied for VARA licensing in March 2022. At the time BitOasis had carried out crypto trades worth $4 billion. Ola Doudin Co-Founder and CEO of BitOasis has stated at the time, “   “We will continue to strive to offer our customers the most customized platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves.” In April of 2021, BitOasis announced that it had been granted a a Financial Services Permission (FSP) from...