UAE says no virtual asset service provider has been granted an operating permit

UAE Minister of Digital Economy Omar Sultan Al Olama says that to date no operating license has been issued by the country’s virtual asset regulator and the Virtual Assets Regulatory Authority. Speaking at the World Economic Forum, he says that none of the crypto exchanges, along with Binance and FTX, are licensed to have a full market product.
According to the comments of the Minister of Economy published on Laraontheblock, so far no crypto has been able to complete the four-step process of the Virtual Assets Regulatory Authority. This means that no one was able to even get the customer on board. What is certain is that in May the Virtual Assets Regulatory Authority said it had granted the crypto exchange a minimum transactional product (MVP) license allowing it to provide virtual asset-related services to qualified retail and institutional investors in Dubai. Provides permission to issue and grant approvals related to their category. In addition the license has also been issued to other crypto exchange platforms and some crypto exchanges and potential customers have also used these licenses when using their credentials. However, the authority has now clarified that the licenses issued to crypto exchanges and Binance are only “Provisional” or “MVP-Preparatory” at stage two. According to VARA, these licenses are granted only to allow the Virtual Assets Service Provider to meet the conditions and start readiness accordingly. The regulator reiterated to Al Olama Anyone that no crypto entity has been fully licensed. The regulator clarifies that till date none of the licensees has been awarded an MVP operating permit which provides the facility to provide regulated services or activity to the authorized market. Apart from this, any information which is incorrect and misleading was clarified by the regulator in a notification on its website. Large scale retail consumers are not allowed to offer their services till the FMP license approval is obtained.


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