Cryptocurrency exchange VALR has announced that its subsidiary, VALR FZE, has received initial approval from the Dubai Virtual Asset Regulatory Authority (VARA).
The initial approval is an important step for VALR, which intends to enter the Dubai cryptocurrency market. It also underlines the exchange's credibility in the crypto world and the seriousness of its intentions to further expand its geographical presence and adhere to the highest security standards.
It is worth noting that while the initial approval prevents VALR FZE from offering virtual asset services in Dubai, it will now be able to proceed with its registration, banking services, hiring of staff, and a number of other necessary steps to become a regulated exchange in the UAE.
"For the past 5 years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish. This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator," said Farzam Ehsani, Co-Founder and CEO of VALR.
"We see Asia, the Middle East, and the UAE as attractive markets with significant crypto flows. Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses. Setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base from a crypto and business-friendly jurisdiction," said Blake Player, the company's Head of Growth, commenting on the initial approval.
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