is working on obtaining a license in Dubai

The Singaporean exchange has entered the phase preparatory from program from regulation crypto of the Dubai Virtual Assets Regulatory Authority.

This Monday, announced that it has gotten its hands on a “preparatory” license to Dubai. Issued by the emirate’s Virtual Assets Regulatory Authority (VARA), it allows companies to enter the preliminary phase of its crypto MVP.

The cryptocurrency exchange platform received the sesame after a review of its staff, governance procedures or even its KYC and UBO policies, according to a statement. “After the preparatory stage and receipt of our operational license, intends to offer a full range of institutional services to the market in accordance with the regulations,” the company wrote.

In the spring of 2022, announced plans to establish a regional headquarters in Dubai. Several industry giants, including Binance, have recently opened offices in the Emirate. Earlier this year, the crypto derivatives platform Deribit indicated that it would be moving to Dubai.

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“We are delighted to welcome to the preparatory phase of the MVP program,” said Henson Orser, director of the Dubai Virtual Assets Regulatory Authoritystating that “the participation of credible players like” would strengthen its mission to provide a “progressive and forward-looking regulatory framework.

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