VALR Receives Initial Approval from Dubai’s Virtual Assets Regulatory Authority (VARA)
We’re proud to announce that our subsidiary, VALR FZE, has won initial approval from Dubai's Virtual Asset Regulatory Authority (VARA), marking a pivotal moment in our journey towards global expansion.
Why is this Important?
The initial approval granted to VALR FZE does not allow it to undertake any virtual asset services yet, but is a critical step as it seeks to establish a virtual asset exchange in Dubai and affirms VALR’s position as a reputable player in the virtual asset industry, committed to upholding the highest standards of operational integrity, compliance and security.
VALR's Vision for a Global Audience
Our Co-founder and CEO, Farzam Ehsani, shared his enthusiasm, stating, "For the past 5 years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish. This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator."
Our Head of Growth, Blake Player, highlighted the strategic importance of Dubai and the Middle East, stating, "We see Asia, the Middle East, and the UAE as attractive markets with significant crypto flows. Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses. Setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base from a crypto and business-friendly jurisdiction."
About VARA
VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the world's first independent regulator for the virtual assets sector. Obtaining initial approval from VARA is a significant milestone that marks a major step forward in VALR's global expansion plans.
