- DKK Partners FZE, a Dubai-based fintech, has been granted initial approval by Dubai’s VARA to work as a virtual asset broker dealer.
- The company will now work to secure a full VASP license to legally provide blockchain and crypto services to corporate clients in Dubai and the UAE.
- Services will focus on stablecoins like Tether and USD Coin, allowing for crypto transactions with reduced volatility risks.
DKK Partners FZE, a Dubai-based fintech subsidiary, has received initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a virtual asset broker dealer. This represents an important step forward in DKK Partners’ plans to secure a full licence and offer regulated crypto services in Dubai.
The company, specialising in emerging markets and foreign exchange liquidity solutions through its parent DKK Partners, will now work closely with VARA to meet the remaining requirements for a virtual asset service provider (VASP) licence. Once obtained, this will allow DKK Partners FZE to legally provide blockchain and digital asset services to corporate and institutional clients in Dubai and across the UAE.
Services will focus on facilitating transactions involving stablecoins tether and USD Coin, which are pegged to the US dollar. This mitigates crypto volatility risks and makes digital currencies more attractive for commercial and investment applications. The approval comes as Dubai firmly establishes itself as a global crypto hub, aiming to become the world’s blockchain capital by 2025.
As one of the region’s pioneering fintech firms, DKK Partners FZE is well-positioned to capitalize on Dubai’s progressive regulatory framework. A full VASP licence will enable the company to offer secure, compliant crypto trading and custodial solutions to its expanding client base. This represents an exciting step for the mainstream adoption of digital assets in the Middle East.
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Last Updated on February 24, 2024 by Safiya K
