Gate Group announced today that Gate Technology FZE (Gate Dubai) has obtained a full operational license under the regulation and supervision of the Dubai Virtual Asset Regulatory Authority (VARA). The VASP License will allow the company to provide exchange services and serve institutional investors, qualified investors and retail investors.
“Dubai is undoubtedly one of the most forward-looking jurisdictions in the global crypto industry. Obtaining VARA’s full operational licence is a critical step in Gate Group’s expansion across the Middle East and the world, and it underscores our long-term commitment to security, transparency and user protection,” stated Dr. Han, Gate Group’s founder and CEO.
Gate Group seeks Mideast expansion
In addition to securing the license, Gate Dubai is accelerating the expansion of its local team and preparing for its official launch. The platform will allow users to initiate crypto-to-crypto and fiat-to-crypto and vice versa trades with other users as the counterparties to these transactions.
“We are committed to creating a compliant platform that blends global expertise with local characteristics. In full respect of VARA’s regulatory framework, we will continue to deliver secure, efficient and professional services, injecting new vitality into Dubai’s digital-asset ecosystem,” stated Gate’s Dubai Head.
As a city where technological innovation and financial freedom converge, Dubai is rapidly emerging as a key hub for the crypto industry. Gate Group’s choice of Dubai as its Middle East launchpad reflects deep recognition of the region’s regulatory transparency, innovative drive and growth potential.
Read: New UAE stablecoin initiative to empower businesses with blockchain for seamless transactions
UAE gears up for big crypto push
Gate Group’s compliance efforts and investments rank among industry leaders, with compliant presences in the Americas, Middle East, Europe and Asia. Various Gate entities have obtained or completed regulatory registrations, licences, authorizations, or approvals across various jurisdictions, such as Lithuania, Argentina, Malta, Italy, Gibraltar, Bahamas and Hong Kong. Last year, Gate Group also completed the acquisition of Japan-licensed exchange Coin Master, further broadening its international compliance network.
In another development today, IHC, ADQ, and First Abu Dhabi Bank (FAB) announced their plans to launch a stablecoin backed by Dirhams, fully regulated by the UAE Central Bank and issued by the UAE’s largest bank, FAB.
The launch of the stablecoin marks a pivotal step in strengthening the UAE’s digital infrastructure ecosystem. The new stablecoin is anticipated to significantly impact various industries, including finance, commerce and trade. Its launch further marks an essential step towards realizing the UAE’s vision of becoming a leading hub for innovation and financial technology.
