Triple-A gains Dubai VARA in-principle nod for broker-dealer license

Triple-A said it has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority for broker-dealer services, moving the global payment institution closer to a full license in the emirate. The company said the approval places it in the final stage of VARA’s licensing process, although its assessment remains under way and several conditions must still be met.

The development is relevant for firms seeking regulated access to virtual asset services in Dubai, where VARA oversees the provision, use and exchange of virtual assets in and from the emirate. Triple-A said the VARA-licensed market has just over 50 entities with full licenses, describing the framework as one of the more selective regimes for virtual assets globally.

Approval is a step before a full license

An in-principle approval is not the same as a full authorization. Triple-A said the status marks a regulatory threshold that allows it to proceed toward the final stage before a license can be granted.

Under the process described by the company, Triple-A now enters a defined period in which it must complete operational readiness requirements and address remaining post-approval conditions. Those steps are part of the continuing licensing assessment rather than a completed authorization.

VARA is responsible for regulating and supervising virtual asset activity connected to Dubai. The authority’s remit covers activity conducted in and from the emirate, including the provision, use and exchange of virtual assets, according to Triple-A’s announcement.

Compliance record cited

Triple-A said the Dubai approval follows licensing and registration work in other jurisdictions. The company said it is licensed in the European Union and Singapore under MiCA and the Monetary Authority of Singapore, holds money transmitter licenses across more than 20 US jurisdictions, and is registered as a money services business in the United States and Canada.

The company also said compliance is its second-largest department after engineering, and described compliance work as a central part of its licensing strategy since the business was founded.

Eric Barbier, chief executive of Triple-A, said the milestone builds on the company’s existing payments infrastructure for the market. He said the approval reflected “months of rigorous work” by compliance, legal and cross-functional teams, as well as a long-term commitment to operating within regulated frameworks.

Triple-A said the in-principle approval supports its aim of providing compliance infrastructure for enterprise businesses globally. The company did not give a timetable for when a full VARA license could be granted.

This story draws on original reporting from Finextra Research.