DKK Partners FZE (DKK FZE) has bolstered its operations through obtaining initial approval from the Dubai Virtual Assets Regulatory Authority (VARA).
The fintech company specialising in emerging markets (EM) and foreign exchange (FX) liquidity can now offer Virtual Asset Broker Dealer Services, with plans to work towards acquiring a full Virtual Asset Service Provider Licence from VARA.
With initial approval secured, DKK FZE is poised to advance through the licensing process, which will allow them to continue towards their objective of introducing stablecoin blockchain technology to corporate and institutional clients in Dubai and the UAE, leveraging USDT and USDC for enhanced accessibility and efficiency.
Khalid Talukder, Co-Founder and CEO of DKK Partners, commented: “It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region.”
The fintech launched its Dubai operations last year, naming the Dubai World Trade Centre its central hub in the region, granting greater access to trade corridors in the Middle East, Africa, and Asia.
Talukder added: “Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space.
“This licence is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework.”
Dubai has emerged as a prime destination for companies seeking to obtain licences for digital assets, with OKX being the latest cryptocurrency exchange to recognise its potential.
OKX received approval from VARA in January and can now be fully operational in the country, further solidifying Dubai’s reputation as the second-largest crypto economy in the MENA region.
Victoria Albergini, Head of Partnerships for DKK Partners FZE in Dubai, remarked: “Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape.
“The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers.”
