Amber Group's Dubai Subsidiary Receives Temporary VASP License

IconCryptoNewsTerminal Staff20 Sep, 2024

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Amber Group's Dubai Subsidiary Receives Temporary VASP License

Amber Premium FZE, the Dubai subsidiary of crypto market making firm Amber Group, has received an in-principle Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). The license allows Amber Premium FZE to conduct virtual asset-related activities in Dubai, subject to certain conditions. The firm must establish a physical presence in Dubai and maintain a minimum capital requirement, among other requirements. Amber Group is one of the largest crypto market makers globally, with a presence in multiple countries. The firm's Dubai subsidiary will allow it to expand its operations in the Middle East and North Africa (MENA) region, which has seen growing interest in cryptocurrencies in recent years. The VASP license is a significant step for Amber Group and for the MENA region as a whole. It is a sign of the growing regulatory clarity and acceptance of cryptocurrencies in the region.

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