SINGAPORE, Sept. 23, 2024 /PRNewswire/ -- Amber Group, a leading global digital asset company, today announced that its Dubai subsidiary, Amber Premium FZE, has secured an in-principle approval (IPA) for the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
The in-principle approval allows Amber Premium FZE to offer a comprehensive suite of virtual asset services, including broker-dealer activities, lending and borrowing solutions, and management and investment services, all within the regulatory framework of the UAE. Serving as the company's regional headquarters, Amber Premium FZE will cater to both institutional clients and high-net-worth individuals in the region.
As the world's first specialized regulator for virtual assets, VARA is committed to fostering a responsible and innovative virtual asset ecosystem in Dubai. Its comprehensive regulatory framework, designed to protect investors and ensure market integrity, aligns with Amber Group's own commitment to security and compliance.
"We are proud to receive this in-principle approval, underscoring our dedication to responsible innovation within robust regulatory environments like Dubai's," said Michael Wu, CEO of Amber Group. "With our regional hub in Dubai, we look forward to expanding our premium virtual asset services and expertise across the Middle East, providing clients with tailored solutions backed by our deep global experience."
With a proven track record of compliance, Amber Group previously secured licenses from major financial centers worldwide, including a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and Type 1, 4, and 9 licenses from the Hong Kong Securities and Futures Commission through its subsidiaries.
About Amber Group
Amber Group is a global digital asset leader headquartered in Singapore. Since 2017, we've built full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investing and infrastructure. Backed by top investors and with deep expertise in crypto and traditional markets, we leverage AI, blockchain and quantitative research to deliver personalized and cutting-edge solutions to help our global client base of HNW individuals, institutions, crypto funds, exchanges and projects optimize returns safely in any market conditions
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About VARA
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
Learn more at: https://www.vara.ae/
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Amber Group's Dubai Subsidiary Secures In-Principle Approval for Virtual Asset Service Provider License from Dubai VARA
