Will a forex specialist in emerging markets cope in the decentralized world of cryptocurrencies? DKK Partners, whose Middle East subsidiary has secured an Initial Approval from the Dubai Virtual Assets Regulatory Authority (VARA) to offer virtual asset services in Dubai, has decided to find out.
The regulatory approval allows DKK FZE to move forward in acquiring a full Virtual Asset Service Provider Licence from VARA. Once licensed, the company plans to provide Dubai and UAE-based corporate and institutional clients access to stablecoin solutions leveraging blockchain technology.
“It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region,” said Khalid Talukder, the Co-Founder and CEO of DKK Partners.
We’re thrilled to share that we’ve achieved the initial approval for the Dubai Virtual Assets Regulatory Authority [VARA] License!#fx #trade #emergingmarkets #exchangerates #finance #fintech#fxtips #stablecoin #usdt #usdc #digital #vara #dubai #dwtchttps://t.co/sAuwCDZz7q pic.twitter.com/bL5vBbMIUT
— DKK Partners (@DkkPartners) February 22, 2024
Since establishing operations in Dubai last year, DKK FZE has rapidly expanded its presence under the leadership of Victoria Albergini, the Head of Partnerships. The VARA approval aligns with DKK’s broader digital asset strategy to cement Dubai as a key hub in the Middle East.
“The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers,” Albergini commented.
DKK Partners specializes in providing FX risk management, liquidity solutions and streamlined collections to organizations in high-growth emerging markets.
Crypto Firms Flock to Dubai for VARA Licenses
Dubai has become a hotspot for cryptocurrency and blockchain companies seeking regulatory approval and licenses from the emirate’s VARA. DKK joins a growing list of major industry players making moves to establish operations in Dubai’s crypto-friendly jurisdiction.
In late January, liquidity provider B2Prime Group announced that its subsidiary B2B Prime Digital MENA obtained initial approval for a VARA license. While final licensing is still pending the fulfilment of pre-operating conditions, B2Prime is on track to securing regulatory compliance in Dubai.
In the meantime, Canada-based crypto infrastructure provider Aquanow bolstered its status by securing a formal Virtual Asset Service Provider (VASP) license from VARA. This license allows Aquanow to offer compliant crypto services from within the emirate.
Other recent VARA license approvals include the Dubai subsidiary for cryptocurrency exchange OKX in December. With its VASP license approved, OKX Middle East Fintech can now offer virtual asset exchange services in Dubai’s regulatory jurisdiction.
Additionally in December, CoinMENA FZE, a subsidiary of CoinMENA B.S.C. obtained a specific VASP license for VA Broker-Dealer services from VARA. This broker-dealer license enables CoinMENA to operate legally as a licensed virtual asset broker and dealer based in the city.
The continuous influx of crypto companies seeking VARA licensing and approval highlights Dubai’s attractiveness and competitive edge in welcoming virtual asset businesses. As one of the most crypto-friendly jurisdictions in the world, Dubai is likely to see many more industry players following suit and establishing operations with VARA’s regulatory backing.
