ARP Digital secures Dubai VARA broker-dealer license
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
ARP Digital, a Bahrain-based institutional digital asset infrastructure provider, has secured a broker-dealer license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license enables ARP Digital to offer regulated conversions between digital assets and the UAE dirham to UAE-based corporates, capital markets participants, and qualified investors. The company also plans to provide institutions with regulated options to convert digital asset capital for investment in local UAE assets.
Why it matters
The license allows ARP Digital to operate within Dubai’s regulated digital asset market, expanding its presence in the Gulf region and offering a compliant pathway for institutional digital asset conversions in the UAE. It supports Dubai’s efforts to grow its regulated digital asset sector and improve infrastructure for crypto-related financial services.
Key context
ARP Digital is already licensed in Bahrain by the Central Bank of Bahrain, where it has processed over $3.5 billion in volume for more than 450 institutional and corporate counterparties. Dubai’s VARA, established in 2022, regulates virtual asset activities in the emirate and recently issued its 50th virtual asset service provider license. Another firm, Flowdesk, also obtained a full VARA broker-dealer license on the same day.
Key numbers and entities
ARP Digital, Dubai’s Virtual Assets Regulatory Authority (VARA), Central Bank of Bahrain, Flowdesk, Coinbase Ventures, BlackRock. ARP Digital processed more than $3.5 billion in volume with over 450 institutional and corporate counterparty transactions. VARA was established in 2022 and recently issued its 50th virtual asset service provider license.
What remains unclear
The source does not flag open questions or provide further details on the exact timeline for ARP Digital’s operations under the new license or specific products to be launched.