Digital asset trading platform and investment firm Selini Capital has secured a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai, as per an official press release.
The license gives Selini Capital the ability to offer its full suite of services to clients in Dubai, which includes brokerage and OTC trading.
The update comes after VARA reported transaction volumes of AED 2.5 trillion, suggesting the city emirate has a substantial stake in digital assets.
Selini Capital’s founder, Jordi Alexander, has said achieving the license is a milestone for the company.
“Our advanced trading technology and global liquidity footprint allow partners to access highly efficient execution and innovative OTC solutions. This licence reinforces our commitment to operating with the highest standards and supporting Dubai’s vision for a safe, globally connected digital-asset economy,” said Selini Capital’s General Manager Matthew Grint.
Currently, VARA has 40 licensed VASPs, some of which are BitGo MENA FZE, Bitpanda Custody MENA DMCC, Zand Bank P.J.S.C., Binance FZE, Prypco FZE, and Foris DAX Middle East FZE (crypto.com).
VARA is also responsible for cracking down on violations, penalizing nineteen firms close to two weeks ago, imposing fines ranging from AED 100,000 to AED 600,000.