Diment Secures Initial Approval from Dubai VARA

Diment VA Exchange Services DMCC (Diment) announced that it has obtained an Initial Approval from the Dubai's Virtual Asset Regulatory Authority (VARA). This approval allows the crypto-focused trading platform to potentially engage in virtual asset services in the region, marking a significant achievement for the company.

Diment emphasized that it will continue to work towards obtaining a full Virtual Asset Service Provider (VASP) license from the regulator so that it can commence virtual asset activity in or from Dubai.

Max Weiland, CEO at Diment, said: "Receiving VARA's initial approval is a testament to our dedication to regulatory compliance. Diment is determined to launch with strict adherence to VARA's requirements, ushering in a new era of secure and seamless access to the world of virtual assets and build a robust ecosystem that not only meets but exceeds industry standards, seeking to establish a safe and efficient gateway to virtual assets for users Locally and Globally."

Dubai has emerged as a prominent crypto hub, offering an ideal environment for crypto service providers to thrive. Earlier this year, UK's Forex liquidity provider DKK Partner and crypto lender Nexo​ also obtained preliminary approval from VARA and are expected to conduct virtual asset-related activities in the region.

Furthermore, the well-known crypto exchange OKX​ acquired its VASP license in Dubai at the beginning of this year. However, it is still required to fulfill the conditions and localization requirements specified by VARA before conducting business locally.