Dubai Grants Flowdesk Complete Broker-Dealer Licensing as Coinbase Portfolio Firm Expands
The crypto market maker's recent VARA licensing in Dubai comes on the heels of its MiCA compliance certification in France, reflecting the industry's push toward establishing regulated frameworks in key international jurisdictions.
An institutional cryptocurrency market maker supported by Coinbase Ventures and BlackRock, Flowdesk has obtained full broker-dealer licensing in Dubai, enhancing its capacity to deliver services to institutional investment clients operating within the emirate.
Flowdesk announced on Tuesday that the Virtual Assets Regulatory Authority of Dubai has issued the license to Flowdesk Omega FZE, its local subsidiary, enabling the entity to deliver regulated broker-dealer services to institutional and qualified investors both within Dubai and operating from the emirate.
The license comes as part of Flowdesk's wider push for regulatory compliance, following the firm's recent authorization in France where it obtained Crypto-Asset Service Provider status under the Markets in Crypto-Assets framework established by the European Union.
Within the cryptocurrency marketplace, broker-dealers are assuming a progressively vital function, serving as a connection between digital assets and traditional finance while offering regulatory compliance, custody services and liquidity. Wintermute, a crypto market maker, launched its US broker-dealer operation earlier this month, which enables the firm to engage in options and stock trading.
In July, OTC Markets, which operates securities marketplace platforms, and BitGo, a provider of digital asset infrastructure, revealed their intention to deliver digital asset custody and trading infrastructure to over 150 broker-dealers utilizing OTS Link ATS, which functions as an alternative trading system.