First Crypto receives in principle approval from Dubai’s regulator VARA

The UAE has become one of the most attractive destinations for crypto and digital asset service providers. Not only has VARA licensed almost 40 VASPs, but it has been adding more VASPs to its in-principle approval list, with the latest being FirstCrypto. First Crypto has received an in-principle approval for a crypto brokerage license.

So far VARA has 15 listed in principle approval VASPs, with one of them Bybit already having received a license from CMA ( Capital Markets Authority) formerly known as SCA ( Securities and Commodities Authority).

The UAE through ADGM FSRA regulator also recently granted Binance three licenses. The UAE has seen some crypto exchanges fail, like M2, while others have been acquired by Indian based crypto exchanges or Turkish based ones. Both CoinMENA, and BitOasis, the only regional exchanges that first were to be licensed both were acquired.

It seems the VASP market is becoming increasingly competitive, and the new crypto broker exchanges are either focusing on tokenization, institutional clients, or even payments.