Metra crypto brokerage receives preliminary approval from VARA Dubai
Metra, the Dubai-based institutional digital-asset broker operated by Mask Virtual Assets Exchange LLC, has received in-principal approval from Dubai’s Virtual Assets Regulatory Authority for a broker-dealer license, adding another applicant to the emirate’s growing regulated crypto market.
Metra describes its planned offering as an institutional brokerage built for digital assets, with best-execution routing, connectivity to multiple trading venues, qualified custody arrangements, KYC and KYB controls, Travel Rule compliance, sanctions screening and audit-ready client reporting. Its website says exchange connectivity will be introduced in phases and makes clear that the scope and availability of services remain subject to VARA approval.
The founder of Metra is also the founder of Cledor and a former senior leader at Emaar and Dubai Holding Real Estate
An in-principle approval is a conditional stage in VARA’s licensing process, not a full operating licence. VARA states that an IPA holder may complete the remaining regulatory, governance and operational requirements, but is strictly prohibited from conducting virtual-asset activities or serving clients until a full VASP licence has been issued.
Metra enters an increasingly busy licensing pipeline. Lara on the Block reported on 5 October that 22 crypto brokers and exchanges held in-principle approval, alongside 45 broker-dealers and exchanges with full VARA licences. WhiteBIT’s subsequent exchange approval and CFIX’s broker-dealer approval lifted the reported pipeline above 24 firms.
On that chronology, Metra brings the number of broker and exchange applicants with in-principle approval to at least 25. Together with the 47 fully licensed broker-dealers and exchanges, the two categories now represent more than 70 licensed or in-principle-approved firms.
The totals are a market snapshot rather than a permanent tally: companies can graduate from IPA status to a full licence, change their requested activities or leave the pipeline. These currently licensed and upcoming licensed exchanges and brokers will be competing with Binance, OKX, Crypto.com, Standard Chartered, Kraken and many more.
