VARA grants XBASE crypto brokerage license in Dubai
Dubai’s Virtual Assets Regulatory Authority (VARA) continues to expand its pool of licensed market participants. The latest approval has been granted to XBASE, a company within the RELM Group that works with large clients.
As reported by Cryptopolitan, this is a full license that allows the firm to provide brokerage services and conduct over-the-counter (OTC) crypto transactions.
License for the institutional segment
XBASE will focus on OTC trading — a segment dominated by large players where confidentiality, deep liquidity, and precise order execution without market impact are essential.
The company received preliminary approval back in October 2025. Since then, it has completed all compliance procedures and aligned its operations with regulatory requirements. At the time, RELM emphasized its commitment to building a “safe, transparent, and fully regulated digital asset ecosystem.”
The project was supported by the private office of Sheikh Ahmed bin Faisal Al Qassimi, as well as consulting firm CFC MENA. RELM is positioning itself as a multi-jurisdictional platform with infrastructure tailored to large clients.
According to the company, more than $1 billion in transactions has already been processed through its Trade Fluidity ecosystem, including crypto, fiat, and payment operations. The platform also provides access to 140 fiat currencies and major digital assets.
Why it matters for the market
VARA’s decision is part of a broader strategy: Dubai is steadily building a regulated digital asset ecosystem with a strong focus on institutional players. More than 43 licenses have already been issued, covering brokers, exchanges, custodians, and asset managers.
This is already reshaping the market structure. Attention is increasingly shifting toward large players who require transparent rules and a predictable regulatory environment. In this context, OTC desks are becoming a key source of liquidity.
Dubai is also competing directly with Singapore and Hong Kong for the status of a global crypto hub. In this race, not only tax conditions matter, but also licensing speed and regulatory clarity.
The addition of XBASE marks another step in that direction. For institutional investors, it means more options to operate within a regulated environment where operational and legal risks are clearly defined.
At the same time, VARA is tightening oversight. In 2025, the regulator fined 19 crypto companies for operating without a license. Penalties ranged from 100,000 to 600,000 UAE dirhams (approximately $27,300–$163,000), along with cease-and-desist orders. This shows that Dubai is not only attracting market participants but also enforcing strict compliance standards.
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