Unilaterally, Fasset, a digital asset exchange platform with a vision to offer affordable and frictionless gateway for people in emerging markets to own and grow their wealth in digital assets has announced  that it has been granted an Initial Approval for a Full Market Product (FMP) license by the Dubai’s Virtual Assets Regulatory Authority (VARA) in UAE. As per the announcement , “Though the initial approval does not yet allow any virtual asset activity in or from Dubai, this initial stage indicates progress in obtaining full permission to operate in Dubai. This crucial step forward allows Fasset to lead the digital assets market, as one of the first exchanges to provide regulatory protection to consumers in Dubai, as the MENA region has been identified as the world’s fastest growing cryptocurrency market.” Raafi Hossain, CEO and Co-Founder of Fasset stated, “This is an incredibly exciting time to be leading the way in democratizing access to digital assets. As the wor...

  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...

  In a recent article on Pinsentmasons legal firm website, the article discusses Dubai VARA’s Full market product regulatory regime for virtual assets and its upcoming rollout. The legal expert Tom Bicknell states, that after VARA’s roll out of its minimum viable product license regime which allowed participants to undertake their activities within an agreed limited scope and specifically to their authorized market segment, VARA will soon be launching its FMP framework which will seek to monitor global trends of the virtual industry and where appropriate issue further rules and guidance Tom Bicknell of Pinsent Masons states, “Encompassing the learning’s from its MVP licensing stage and widespread industry engagement, VARA’s introduction of the FMP ( Full Market Product) license will serve as a firm footing for the next stage of growth for the UAE’s leading virtual asset industry.” Once the rollout begins, MVP license holders and other VASPs will have to apply for an FMP lice...

  Dubai’s Virtual Asset regulatory Authority (VARA) has issued a statement with regards to FTX exchange. It reiterates that is has revoked the approval of FTX license as well as suspended its MVP License. As per the market notification, while FTX MENA had not commence local operations, VARA will be looking into the impact of FTX on domestic market exposure not limited to FTX MENA As per the statement, On November 11, 2022, one hundred and thirty-four [134] entities related to, and including, FTX Trading Ltd., FTX Exchange FZE, and Alameda Research [Bahamas] Ltd. [collectively, the “Debtors”] filed a petition in the U.S. Bankruptcy Court for the District of Delaware for relief under Title 11 of the United States Code. FTX Exchange FZE [FTX MENA], one of the aforementioned entities, had received approval from VARA for a Minimum Viable Product [MVP] licence on 15-Jul-2022 – the Approval was revoked as of 10-Nov-2022 and the Licence stands suspended in consequence. FTX MENA was ...

  Blockchain.com announced on twitter that it has signed an MOU with Dubai Virtual Assets Regulatory Authority ( VARA)which they say means that soon both retail and institutional clients will be able to access Blockchain.com through Dubai UAE. The post goes on to add that crypto investors in Dubai and its surrounding regions will soon be able to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients. Blockchain.com also noted that they are opening a local office and will be hiring in the region. As they stated, “We are also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available.” Already Blockchain.com is licensed in the U.S. and several other European jurisdictions, and is actively pursuing a license in Germany, Netherlands, France, Spain and Ireland. Blockchain.com is valued at $14 bi...