Bitcoin News and Finance
UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit Skip to main content

UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit

The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the full market product (FMP) 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.”

VARA Has Yet to Grant a Full Market Product License

The United Arab Emirates’ virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has not issued any operating license to date, the country’s digital economy minister Omar Sultan Al Olama has said. Speaking at the World Economic Forum (WEF), Al Olama reportedly said that no crypto exchange entity including Binance and FTX has been granted the full market product (FMP) license.

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.”

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.

“No VARA licensee has, to date, been awarded an MVP-Operating permit, to provide regulated services or activities to their specifically authorised market segment(s) in the Emirate. Any information or representation to the contrary is inaccurate and misleading,” the regulator clarified in a market notification on its website.

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 licence approval has been secured.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory