{"id":203569,"date":"2023-11-30T14:23:53","date_gmt":"2023-11-30T08:53:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203569"},"modified":"2023-11-30T14:23:53","modified_gmt":"2023-11-30T08:53:53","slug":"vara-lists-licensed-vasps-with-fasset-coinmena-approved-for-broker-services-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/vara-lists-licensed-vasps-with-fasset-coinmena-approved-for-broker-services-crypto-news\/","title":{"rendered":"VARA Lists Licensed VASPs With Fasset & CoinMENA Approved for Broker Services – Crypto News"},"content":{"rendered":"

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Amid the recent regulatory actions, Virtual Assets Regulatory Authority (VARA) Dubai has announced a comprehensive public record detailing Licensed Virtual Asset Service Providers (VASPs). The main motive behind the public display is to promote transparency and safeguard consumer interests.<\/p>\n

The growing number of unregistered Virtual asset service providers mostly in the cryptocurrency<\/a> sector is an alarming issue for both the nation and its consumers. VARA\u2019s decision to enforce the license to operate in Dubai has increased security while scrutinizing the virtual asset bodies strictly.<\/p>\n

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Exchanges Under Virtual Assets Regulatory Authority (VARA)<\/h2>\n

Currently, as per the official website, the Virtual Assets Regulatory Authority (VARA) has 5 categories under which VASPs are listed. The list has 14 entities that will now registered under VARA to operate within Dubai. Out of the 14, 11 VASP\u2019s status is active while the other three are pending.<\/p>\n

Crypto exchanges that are registered under the exchange services column are Trek Lab\u2019s Backpack Exchange, TOKO, and Binance. While Backpack Exchange will only have an exchange service license, Binance, and TOKO have a broker-dealer service license also. This is one of the latest positive news for Binance after US DoJ sanctioned Binance<\/a> for Money Laundering charges.<\/p>\n

Notably, VARA has granted approval for broker services to two prominent entities, Fasset and CoinMENA. While Bybit still has to be listed under a category, Hex Trust has been listed under a Custodian Services license.<\/p>\n

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Also Read:\u00a0Robinhood Expands Global Presence With UK Debut<\/a><\/strong><\/p>\n

Eighteen VASPs Fined Under Non-Compliance To VARA\u2019s Rule<\/h2>\n

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a recent market notice emphasizes a regulatory deadline that has passed. Entities within the virtual asset domain were mandated to engage in the regulatory license application process with VARA by November 17, 2023.<\/p>\n

A total of 18 Virtual Asset Service Providers (VASPs) licensed on the mainland under Dubai\u2019s Department of Economy and Tourism (DET) have incurred fines for non-compliance with VARA\u2019s directives.<\/p>\n

These enforcement actions, undertaken to rectify compliance breaches fall under Dubai\u2019s jurisdiction. Additionally, VARA stresses that this is an ongoing process, with additional fines, and enforcement actions. Also, there\u2019s a potential closure of unlicensed VASPs expected if regulatory gaps persist by year-end. Entities wishing to continue offering virtual asset services in Dubai are urged to promptly engage with VARA to avoid further penalties.<\/p>\n

Also Read:\u00a0Linda Yaccarino Candidly Defends Elon Musk & X\u2019s Free Speech Stand As Advertisers Flee<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Amid the recent regulatory actions, Virtual Assets Regulatory Authority (VARA) Dubai has announced a comprehensive public record detailing Licensed Virtual Asset Service Providers (VASPs). The main motive behind the public display is to promote transparency and safeguard consumer interests. The growing number of unregistered Virtual asset service providers mostly in the cryptocurrency sector is an […]<\/p>\n","protected":false},"author":2,"featured_media":184567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-203569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203569"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203569\/revisions"}],"predecessor-version":[{"id":203574,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203569\/revisions\/203574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/184567"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}