UAE Denies Granting Operating Permit to Any Virtual Asset Service Provider
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As per Al Olama’s remarks published on Laraontheblock, no crypto is yet to complete the VARA’s four-step process. Accordingly, this means “no one was able to onboard any customers even last week.”
UAE Granted Only Provisional Operating Permit to Binance and FTX
In March 2022, the VARA said it had granted Binance a minimal viable product (MVP) 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.
VASPs Not Allowed to Offer Services to Mass Retail Consumers
According to VARA, these licenses are only issued to allow virtual assets service providers (VASPs) 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.
Echoing Al Olama’s message at the WEF, the regulator said the MVP licensees are not allowed to offer their services to mass retail consumers until the stage gate (4) FMP license approval has been secured.