The United Arab Emirates say that no virtual asset service provider has been granted a operating license - regulation
The United Arab Emirates say that no virtual asset service provider has been granted a operating license - regulation
The supervisory authority for virtual assets of the United Arab Emirates has stated that no crypto unit was granted the complete market product license (FMP). According to the state minister for artificial intelligence and digital economy, Omar Sultan Al Olama, no crypto unit could "win customers even in the past week".
Vara still has to issue a complete market product license
The regulatory authority for virtual assets of the United Arab Emirates, the Virtual Assets Regulatory Authority (Vara), has so far not issued a operating license, said the state's Minister, Omar Sultan Alama. In a speech at the World Economic Forum (WEF), Al Olama reported that no crypto stock exchange company, including Binance and FTX, was granted full market product license (FMP).
According to the comments by Al Olama Four -stage process of the Vara. Accordingly, this means that "nobody could take customers on board last week".
In March 2022, Vara announced that it has given Binance a minimal Viame Product (MVP) license that enables it to offer an approved range of services related to virtual assets for appropriately qualified private and institutional investors in Dubai. Similar licenses were also awarded to other crypto exchange platforms. Some crypto exchanges apparently used these licenses to offer potential customers their login information.
The Vara has now made it clear that the licenses in level one granted to Binance and other crypto exchange platforms are only "provisionally" or "MVP preparing" in level.
vasps are not allowed to offer services for mass individual trading customers
According to Vara, these licenses are only issued so that virtual assets service providers (vasps) can meet the prerequisites and start with the willingness. The regulatory authority also confirmed Alama's position that no crypto company received the full license.
"So far, no Vara licensee has been given an MVP operating license to provide regulated services or activities for his/your specially authorized market segment (e) in the Emirate. All the opposite information or representations are inaccurate and misleading," the regulatory authority put in a market notification of its clearly website .
Based on the message of Al Olama at the WEF, the regulatory authority said that the MVP licenses were not allowed to offer their services to mass individual consumers "until the Stage Gate (4) FMP license approval is secured".
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