Can Forex Experts in Emerging Markets Cope with a Decentralized Cryptocurrency World？DKK Partners' Middle East subsidiary has received preliminary approval from the Dubai Virtual Asset Regulatory Authority (VARA) to provide virtual asset services in Dubai.。

DKK Partners makes progress in Dubai virtual assets

Regulatory approval allows DKK FZE to apply for a full virtual asset service provider license from VARA。Once licensed, the company plans to offer stablecoin solutions that leverage blockchain technology to corporate and institutional clients in Dubai and the UAE.。

Khalid Talukder, co-founder and CEO of DKK Partners, said: "This is an exciting time for DKK in the Middle East, and the initial approval of VARA will allow us to continue to make our mark in the region.。"

We are very pleased to announce that we have received preliminary approval for the Dubai Virtual Assets Regulatory Authority [VARA] license!

- DKK Partners (@ DkkPartners) February 22, 2024

Since setting up operations in Dubai last year, DKK FZE has rapidly expanded its reach under partner director Victoria Albergini.。VARA's approval is in line with DKK's broader digital asset strategy, which aims to consolidate Dubai's position as an important hub in the Middle East.。

Albergini said: "VARA's initial approval enhances our ability to meet the unique needs of corporate and institutional customers.。"

Cryptocurrency Companies Flock to Dubai to Apply for VARA License

Dubai has become a hot spot for cryptocurrency and blockchain companies seeking regulatory approvals and licenses from VARA in the emirate。DKK joins a growing list of major industry players to do business in Dubai, a cryptocurrency-friendly jurisdiction。

At the end of January, liquidity provider B2Prime Group announced that its subsidiary B2B Prime Digital MENA had received preliminary approval for a VARA license.。While the final licence is still subject to pre-operational conditions being met, B2Prime is ensuring regulatory compliance in Dubai.。

Meanwhile, Aquanow, a Canadian-based crypto infrastructure provider, secured an official Virtual Asset Service Provider (VASP) license from VARA, cementing its position.。The license allows Aquanow to provide compliant cryptocurrency services within the Emirate.。

Other recently approved VARA licenses include the Dubai subsidiary of the cryptocurrency exchange Exchange Exchange OKX in February.。With the approval of its VASP license, OKX Middle East FinTech can now offer virtual asset exchange services within the regulatory jurisdiction of Dubai.。

In addition, in December, CoinMENA B.S.C.CoinMENA FZE, a subsidiary of CoinMENA FZE, obtained a specific VASP license from VARA to provide virtual asset broker services.。The license enables CoinMENA to operate legally in the city as a licensed virtual asset broker and dealer.。

The influx of cryptocurrency companies seeking VARA licenses and approvals underscores Dubai's attractiveness and competitive advantage in welcoming virtual asset businesses.。As one of the most cryptocurrency-friendly jurisdictions in the world, Dubai is likely to see more industry players follow suit and do business with VARA's regulatory backing.。