UK CoinCorner receives crypto brokerage license from VARA Dubai
CoinCorner, a UK based crypto brokerage firm has received a crypto broker license from Dubai’s Virtual Asset Regulatory Authority, becoming the 49th licensed VASP in VARA.
CoinCorner website offers the purchase of Bitcoin through debit cards or bank transfers in operation since 2014 out of the, Isle of Man, and United Kingdom. In 2022 it had announced that it was interested in expanding into the UAE and partnered at the time with UAE SEED Group.
At the time it had noted that it wanted to establish a platform for the buying, selling, sending, receiving and storing of bitcoin (BTC) and offer local businesses services to transact in crypto.
More and more entities are being licensed in Dubai UAE, as crypto brokers, and exchanges. Already there are 34 crypto broker licenses registered in VARA and 12 crypto exchanges, and 2 entities Ctrl Alt and Tokinvest who can offer tokenized assets on their platforms.
The UAE crypto market has reached a user penetration exceeding 39% and local revenues projected to reach near $300 million. This is driven by comprehensive licensing from regulators like Dubai’s VARA and Abu Dhabi’s ADGM.
Most recently Crypto.com’s entity Foris Dax received its license from the Central Bank of UAE to offer crypto payments in the UAE, allowing governmental entities to offer crypto payment avenues for UAE residents.
