Cryptocurrency payments company Triple-A has received in-principle approval from Dubai's Virtual Assets Regulatory Authority to provide broker-dealer services. The approval confirms that the Singapore-headquartered company has satisfied a substantial portion of VARA's licensing requirements and may now complete remaining operational and compliance conditions before receiving a full Virtual Asset Service Provider license. VARA, established in 2022, operates one of the world's most comprehensive licensing frameworks for virtual asset businesses, with relatively few firms completing the entire authorization process.
Triple-A Enters Final VARA Licensing Phase
The in-principle approval does not yet authorize Triple-A to begin offering broker-dealer services in Dubai. The company must complete operational readiness requirements and satisfy any remaining post-approval conditions before VARA determines whether to issue a full license. Companies seeking to operate in the emirate must progress through multiple stages of regulatory assessment before receiving authorization to conduct regulated activities. By obtaining in-principle approval, Triple-A has entered the final phase of that process.
Triple-A Holds Licenses Across EU, Singapore, and North America
Triple-A is licensed under the European Union's Markets in Crypto-Assets Regulation and by the Monetary Authority of Singapore. The company also holds Money Transmitter Licenses across more than 20 U.S. jurisdictions and is registered as a Money Services Business in both the United States and Canada. Triple-A's compliance department is the company's second-largest team after engineering. Chief Executive Officer Eric Barbier said the approval reflects the company's long-term investment in regulated infrastructure: "This milestone builds on the payments infrastructure we have already developed for the market where this is heading. It is an achievement that reflects months of rigorous work by our compliance, legal, and cross-functional teams, and our long-term commitment to operating within regulated frameworks."
VARA Framework Attracts Global Crypto Firms
VARA has attracted exchanges, brokers, custodians and digital asset infrastructure providers seeking a regulated base in the Middle East. Dubai established a dedicated framework covering virtual asset activities, including brokerage, custody, exchange services, lending and advisory businesses. The staged licensing process allows regulators to monitor firms as they progress toward full authorization while ensuring operational, governance and compliance standards are met before commercial activity begins.
Crypto Payment Providers Pursue Multi-Jurisdictional Compliance
Triple-A operates in the crypto payments sector, helping businesses accept and settle digital asset transactions while managing compliance, custody and conversion into traditional currencies. As regulatory frameworks mature across Europe, Asia, the Middle East and North America, payment providers have sought licenses that allow them to serve multinational businesses under recognized supervisory regimes. Once the remaining licensing requirements have been completed, Triple-A will be eligible to seek a full VARA broker-dealer license, allowing it to provide regulated virtual asset services within and from the emirate.
FAQ
What did Triple-A receive from Dubai's VARA?
Triple-A received in-principle approval from Dubai's Virtual Assets Regulatory Authority to provide broker-dealer services. The approval confirms that the company has satisfied a substantial portion of VARA's licensing requirements and may now complete remaining operational and compliance conditions before receiving a full Virtual Asset Service Provider license.
What licenses does Triple-A currently hold?
Triple-A is licensed under the European Union's Markets in Crypto-Assets Regulation and by the Monetary Authority of Singapore. The company also holds Money Transmitter Licenses across more than 20 U.S. jurisdictions and is registered as a Money Services Business in both the United States and Canada.
