FlowDesk receives in principle crypto license approval from VARA in Dubai

Flowdesk a full-service crypto trading and technology firm has received in principle approval for a crypto broker dealer license from Dubai’s Virtual Asset Regulatory Authority.

In a LinkedIn post, Flowdesk announced that its Dubai entity, Flowdesk Omega FZE, received In-Principle Approval (IPA) from the Virtual Asset Regulatory Authority (VARA) for Broker-Dealer Services.

According to the post, the approval marks a significant milestone in Flowdesk’s expansion into the UAE and its commitment to operating within one of the world’s most progressive regulatory frameworks for digital assets.

The VARA IPA permits Flowdesk Omega FZE to progress towards a full VARA licence and to begin operational readiness for Broker-Dealer Services in Dubai, subject to satisfying VARA’s remaining conditions. Dubai’s regulatory framework, overseen by VARA, is widely recognised as one of the most sophisticated and transparent in the world for virtual assets, and this approval places Flowdesk alongside a select group of regulated digital asset institutions operating in the emirate.

From Guilhem Chaumont, Co-founder and CEO of Flowdesk Group stated, “VARA’s In-Principle Approval marks an important milestone for Flowdesk, reflecting the depth of work our teams have invested in governance, compliance, risk management and institutional-grade market infrastructure. As a global liquidity provider and trading firm, Flowdesk is committed to supporting the development of transparent, resilient and well-regulated digital asset markets in the UAE and across the region. We look forward to continued engagement with VARA.”

Almost a year ago, Flowdesk secured a $100 million credit facility from Two Prime. The facility aimed to support their global expansion and soon after they opened their office in UAE. In 2022, the France based company raised $30 million from leading investors such as Eurazeo, Aglaé Ventures, ISAI, Speedinvest, Fabric.vc, Ledger, and Coinbase, and 20 well-known business angels, including Alexandre Prot (Qonto), Nicolas Julia (Sorare), Pascal Gauthier (Ledger) and Sébastien Borget (The Sandbox).