Al Olama reportedly said that no crypto exchange entity including Binance and FTX has been granted the full market product (FMP) license. virtualassets regulation vasps
The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the full market product license. According to the country’s minister of state for artificial intelligence and the digital economy, Omar Sultan Al Olama, no crypto entity has been “able to onboard any customers even last week.
In March 2022, the VARA said it had granted Binance a minimal viable product license which allowed it to offer an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai. Similar licenses have also been issued to other crypto exchange platforms. Some crypto exchanges have seemingly used these licenses when touting their credentials to potential clients.
However, the VARA has now clarified that the licenses issued to Binance and other crypto exchange platforms are only “Provisional” at stage one, or “MVP-Preparatory” at stage two.According to VARA, these licenses are only issued to allow virtual assets service providers to fulfill pre-conditions and begin readiness. The regulator also reiterated Al Olama’s position that no crypto entity has been given the full license.
“No VARA licensee has, to date, been awarded an MVP-Operating permit, to provide regulated services or activities to their specifically authorised market segment in the Emirate.
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